According to market research firm SNE Research on Sunday, BYD sold 627,000 EVs outside China last year, up 141.8% from a year earlier.
That put BYD in third place by automaker, ahead of Hyundai Motor Group’s 609,000.
Volkswagen ranked No. 1, delivering 1.266 million vehicles, up 60.0%. Tesla was No. 2 with 1.01 million, down 10.7%.
It was the first time Hyundai Motor Group posted lower annual EV sales than BYD in the market excluding China.
SNE Research said BYD’s push into overseas markets, backed by price competitiveness and in-house battery technology, became clear in last year’s rankings.
BYD has expanded and built plants in Europe (Hungary and Turkey) and Southeast Asia (Thailand, Indonesia and Cambodia). It also diversified its portfolio to match regional demand, focusing on commercial vehicles and small cars.
Hyundai Motor Group, despite relatively steady growth, ceded third place as BYD’s sales surged.
SNE Research said the Ioniq 5 and EV3 led results, but sales of key models such as Kia’s EV6 and EV9 and Hyundai’s Kona Electric slowed, limiting momentum.
Hyundai Motor Group delivered about 166,000 vehicles in North America last year. SNE Research noted concerns that price competitiveness could be hurt if the United States raises tariffs on South Korean-made cars back to 25%.
“Hyundai Motor Group has room to partially cushion tariff risk by expanding local production, including at Hyundai Motor Group Metaplant America (HMGMA) in Georgia,” SNE Research said. But it warned that if tariffs expand to parts, even U.S.-assembled vehicles could face cost pressure, making lineup mix, pricing strategy and the pace of supply-chain localization key variables.
EV registrations outside China, including plug-in hybrids, totaled 7.662 million last year, up 26.6%.
SNE Research said that compared with 2024, when growth slowed to 6.0% amid a temporary demand slump, the market appears to be entering a recovery phase. The compound annual growth rate from 2017 to 2025 was 37.7%.
By region, Europe rose 34.9% to 4.257 million vehicles, accounting for 55.6% of the market excluding China.
North America fell 5.0% to 1.736 million after clean-vehicle tax credits under the Inflation Reduction Act ended in September last year.
Asia excluding China totaled 1.233 million, up 58.5%.
SNE Research said growth held in 2025, but the market’s focus shifted from policy-driven expansion to profitability, supply chains and price competitiveness. It said moderate growth is likely to continue in 2026, but regional volatility could increase as tariffs, regulations and incentives change.
* This article has been translated by AI.
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