According to SNE Research, global electric vehicle (EV) deliveries excluding China totaled 3.293 million units in the first seven months of 2024, an increase of 7.1% year over year.
Tesla maintained its leading position in the non-China EV market despite a 7.1% year-over-year sales decline. The company experienced sales declines of 12.2% in Europe and 8.3% in North America. Factors contributing to this decline include reduced production at Tesla’s Shanghai factory due to slowing EV demand and increased tariffs in Europe, which have impacted the company’s price competitiveness.
The Volkswagen Group, which includes Audi, Porsche and Skoda, ranked second with a marginal 0.5% year-over-year sales decline. While Audi’s Q4/8 e-tron and PHEV models maintained steady sales, Volkswagen’s ID.3, ID.4 and ID.5 models experienced lower sales volumes, reflecting the broader slowdown in European EV demand.
Hyundai Motor Group secured third place, delivering approximately 309,000 units, but recorded a 4.7% year-on-year decline. The company saw declining sales of its IONIQ 5 and EV6 models, partially offset by expanding global sales of the EV9. Upcoming deliveries of the new EV3 and the Casper Electric with batteries from an Indonesian joint venture are expected to strengthen the Group’s position in the affordable EV segment.
Regional analysis shows that Europe experienced modest growth of 1.6%, accounting for more than half of the market share outside of China. North America recorded a 9.3% year-on-year increase, with Hyundai Motor Group, Stellantis and Ford driving growth despite Tesla’s decline. In Asia (excluding China), BYD and SAIC reported significant sales increases of 67.9% and 91.8%, respectively.
Chinese EV manufacturers continue to expand overseas sales despite tariff barriers in the U.S. and Europe. In response to potential European tariffs, companies such as BYD, Xpeng, Chery and Geely are exploring local manufacturing options in Europe. BYD has also partnered with Huawei to improve its autonomous driving technology to remain competitive in the global market.
The report notes that attention should be paid to the effectiveness of countries’ tariff policies in protecting domestic markets against the increasing price competitiveness and technological advances of Chinese electric vehicles.
Source: SNE Research
