Q1 EV sales down 2%

NEVs accounted for 19% of global car sales during the quarter.

China’s NEV market underperformed, but Western Europe showed signs of recovery, and BEV sales in Japan and South Korea recorded significant growth.

Chinese automakers lost BEV market share as their heavy reliance on the domestic market left them exposed to weak local demand, which eroded sales.

Tesla overtook BYD to regain the top spot in global BEV sales.

BYD, Geely, and SAIC-GM-Wuling ranked second, third and fourth, but all three recorded YoY sales declines.

Fifth-ranked Leapmotor achieved growth by rapidly expanding its product lineup and leveraging a value-for-money strategy.

Kia and Toyota also moved up in the rankings, highlighting the risk-mitigating benefits of a diversified global presence.

BYD held the top spot in PHEV, but its PHEV sales showed a YoY drop, raising concerns about saturation in the domestic market prompting major Chinese automakers to shift  focus overseas.

TrendForce estimates that global NEV sales will reach 23.35 million units in 2026, a 14% YoY increase that will continue to outpace the growth of ICE vehicles.