SEOUL, November 19 (UPI) – Although Tesla still leads the global electric vehicle market, Asian manufacturers are threatening its dominance, according to South Korean consultancy SNE Research.
The business tracker said Thursday that Tesla sold 615,600 electric cars in the first nine months of this year, up from 90.2% from a year ago, for a market share of 20.7%.
The Chinese SAIC Motor, in second position, saw its sales more than triple with 400,700 cars, followed by the Volkswagen group with 283,000 cars.
Chinese group BYD took fourth place with 189,500 cars, followed by South Korean Hyundai Motor-Kia with 159,800 and Stellantis group with 136,900.
The Renault-Nissan-Mitsubishi Alliance placed second last year, but dropped to seventh place this year due to falling sales of its ZOE model.
Regarding sales of plug-in hybrid electric vehicles, SNE Research said the Volkswagen Group was the top seller during the January-September period, followed by the BYD Group.
A PHEV is a hybrid electric car that uses batteries to power its electric motor while drawing on another fuel, such as gasoline, to power its internal combustion engine.
âChinese electric vehicle makers could overtake Tesla in the market in the near future thanks to the country’s huge domestic demand,â Kim Pil-soo, automotive professor at Daelim University, told UPI News Korea.
âHowever, Chinese products lack competitiveness in more mature markets like the United States and Europe. Tesla, Volkswagen and Hyundai will do much better there,â he said.