Global Electric Vehicle Market Surges in First Half of 2024 According to SNE Research

Global Electric Vehicle Market Surges in First Half of 2024 According to SNE Research
Global EV deliveries reach 7.159M units in H1 2024, up 20.8% YoY. BYD leads, Tesla faces challenges. Regional markets adapt to regulatory changes and economic factors.

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Data from SNE Research’s Global Electric Vehicle Market and Battery Monthly Tracker for July 2024 shows that global electric vehicle (EV) deliveries from January to June 2024 totaled approximately 7.159 million units, an increase of 20.8% year-over-year.

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Source: Global EV and Battery Monthly Tracker – July 2024, SNE Research

BYD maintained its market-leading position with 24.1% year-over-year sales growth. The company’s success is attributed to its diverse product portfolio and two-pronged strategy of price competitiveness in emerging EV markets and localized production in duty-free regions.

Tesla, in second place, experienced a 6.6% decline in sales. The company reportedly cut Model Y production at its Shanghai factory by at least 20% in response to declining demand in the Chinese market.

Geely Group secured third place, driven by strong performance of its ZEEKR brand and Panda Mini model in China, as well as expansion of its Volvo and Polestar brands globally.

Hyundai Motor Group reported a 1.8% decline in sales despite growth in newer models. The company is expanding its affordable EV lineup with models such as the Casper Electric and EV3.

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Source: Global EV and Battery Monthly Tracker – July 2024, SNE Research

China maintains its position as the dominant EV market with a 60.4% global share. Both the United States and Europe have imposed tariffs on Chinese EV imports, prompting manufacturers to consider local production strategies.

The European market is adapting to relaxed Euro 7 regulations, with growth projections centered around 2025 as CO2 regulations tighten. The North American market faces uncertainties related to the upcoming U.S. presidential election and a slowdown in EV adoption rates.

Industry analysts expect growth patterns to vary by region, with China expected to maintain strong momentum while other markets face economic and regulatory challenges.

Source: SNE Research – Press Release

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