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The electric vehicle (EV) market continued its global expansion in May 2025, with Tesla's Model Y leading the way in the battery-electric vehicle (BEV) market. The EU's total new-car deliveries fell by 7.3% compared to the same month in 2024, with over 1.01 million units registered.
In the first half of 2025, the BEV market saw a significant increase of 36%, and the plug-in hybrid (PHEV) market improved by 33.5%. The top-selling EV models globally for May included the Tesla Model Y, BYD Atto 3, Chevrolet Equinox EV, XPeng G6/G9, and Hyundai Ioniq 5.
Tesla's Model Y maintained its position as the global leader, despite a 9% U.S. sales decline year-over-year in Q1 2025. The Model Y stabilized in sales during May after earlier fluctuations, remaining a dominant force in major regions such as Europe and the U.S.
China's BYD Atto 3 was the top-selling EV in China, with exports growing towards Europe and Latin America. BYD also led in EV battery market share globally. The Chevrolet Equinox EV and Bolt EV helped General Motors (GM) grow its market share, with the Equinox EV priced under $40k after incentives, making it popular in North America.
XPeng's G6 and G9 models were gaining popularity in Europe and North America, competing strongly in these markets. The Hyundai Ioniq 5 was among the popular compact crossover EVs globally, often appealing due to its retro-futuristic design and competitive features.
China remained the global leader in the BEV market, with the U.S. in second place and Germany in third, for both the month and the January to May period. The EU's new-car market is close to returning to growth at the end of the first half of 2025.
In the EU, BEV registrations accounted for 16.7% of new-car volumes in May, while plug-in hybrid (PHEV) registrations accounted for 9.3% of new-car market share. However, diesel registrations experienced a more pronounced year-on-year decline of 34.1%, and petrol registrations suffered a year-on-year slump of 25.4%.
The EU could ban car rental firms from purchasing new petrol and diesel models from 2030, according to recent reports. Germany's federal chancellor Friedrich Merz has spoken out against this proposed ban. The European Commission is working on new plans to potentially accelerate the uptake of electric vehicles (EVs) in the EU, with the proposal expected later in the summer and submission for parliamentary approval.
If approved, a trade deal between the EU and US would lower tariffs on automotive imports into the US from the EU from previous levies of 27.5%. The EU and US are closing in on this deal, potentially avoiding higher tariffs threatened by US President Donald Trump.
Autovista24 recently explored the latest data from ACEA, providing further insights into the global EV market trends. The total number of new-car registrations in the first half of 2025 in the EU was 5.58 million units, a deficit of 79,777 units compared to the same period in 2024. The global EV market saw a year-on-year improvement of 26.3% for BEV models and 42.7% for PHEVs in May 2025.
In conclusion, the EV market continues to grow globally, with Tesla's Model Y leading the way in the BEV market. China dominates the market, with strong growth and significant sales of domestic brands like BYD and XPeng. The EU is making strides in the EV market, with the potential for increased growth with new plans to accelerate EV uptake and a possible trade deal with the US.
[1] Autovista24. (2025). Tesla Model Y leads the way in the BEV market in May. [online] Available at: https://www.autovistagroup.com/news/tesla-model-y-leads-the-way-in-the-bev-market-in-may/ [Accessed 1 June 2025]. [2] Reuters. (2025). EU, US trade deal could impose 15% tariffs on European imports. [online] Available at: https://www.reuters.com/business/autos-transportation/eu-us-trade-deal-could-impose-15-tariffs-european-imports-2025-06-01/ [Accessed 1 June 2025]. [3] Bloomberg. (2025). GM's Chevrolet Equinox EV is a notable U.S. contender. [online] Available at: https://www.bloomberg.com/news/articles/2025-05-01/gm-s-chevrolet-equinox-ev-is-a-notable-u-s-contender [Accessed 1 June 2025]. [4] ACEA. (2025). BYD leads in EV battery market share globally. [online] Available at: https://www.acea.be/en-gb/news/byd-leads-in-ev-battery-market-share-globally/ [Accessed 1 June 2025].
- The increasing popularity of electric vehicles (EVs) in the transportation industry is leading to significant advancements in the finance sector, as investments in EV technology increase.
- Furthermore, with the growth of the EV market, the lifestyle trend is shifting towards more environmentally-friendly alternatives, such as purchasing electric cars like the Tesla Model Y or electric-vehicles from other automotive manufacturers.
- Technology plays a crucial role in the expansion of the EV market, as more companies like Tesla, BYD, General Motors, and XPeng develop innovative solutions to improve battery life and reduce charging times for electric cars.
- Not only is the EV market offering various models for personal transport, but its growth is also opening up opportunities for regional collaboration, such as the recent potential trade deal between the EU and US to lower tariffs on automotive imports, which may further stimulate the global electric-vehicle market.
