Hyundai Slips to No. 4 in EV Market Outside China as BYD Overtakes
AI-summarised brief · reviewed before publication
Global electric‑vehicle deliveries outside China reached 4.598 million units in the first half of 2024, a 30.3 % year‑on‑year increase, according to SNE Research. Hyundai Motor Group fell from third to fourth place in this market, delivering 370 000 units and seeing its share dip to 8.0 % as BYD surged past it with 497 000 units, an 81.4 % jump. Volkswagen remained the leader with 635 000 units, while Kia held second with 599 000. Europe stayed the largest region, expanding 29.0 % to 2.528 million units; Asia (excluding China) grew 75.8 % to 933 000, and North America contracted 20.5 % to 681 000 amid the loss of U.S. tax credits. The data suggest the EV growth centre is moving beyond China, with regional dynamics set to shape the second‑half outlook.
💡 Why It Matters
- · Hyundai’s slip underscores how rapidly Chinese manufacturers are reshaping market hierarchies outside their home market, forcing legacy automakers to accelerate localization and innovation.