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The electric vehicle (EV) market is experiencing a significant boom in 2025, with sales surging by approximately 28% year-to-date to 7.2 million units. EVs now represent about one in four vehicles sold globally this year, a significant increase from less than 5% just a few years ago.
China is the dominant force behind this expansion, accounting for nearly two-thirds of global EV sales. In May 2025 alone, China sold a record-breaking 1 million EVs, representing a 33% increase year-over-year. For the first five months of 2025, China sold 4.4 million EVs, growing by 33% compared to the previous year. This growth has positioned China to exceed total US new vehicle sales of any type within the next year.
One of the major Chinese EV players benefiting from the market surge is BYD. Although the exact numbers are not specified, Chinese manufacturers like BYD are key drivers behind China’s growth. The BYD Song Plus led PHEV sales with nearly 32,000 units in April, and BYD’s Seagull posted encouraging numbers as well.
In Europe, the EV market is growing steadily, up 27% year-to-date with 1.6 million EVs sold from January through May 2025. Germany is a standout with a 45% increase in EV sales year-to-date and is supported by new commercial tax incentives aimed at boosting purchases. Spain and Italy are also showing strong growth, at 72% and 58% respectively, reflecting expanding adoption across southern Europe.
Tesla remains a key player worldwide, particularly in North America and Europe. However, North American growth has slowed, partly due to reduced government incentives in Canada and a more challenging US regulatory environment, which has somewhat dampened the outlook for Tesla and other EV manufacturers in the region.
In summary, the global EV market is expanding rapidly with China leading by a wide margin, Europe growing steadily with Germany at the forefront of policy-driven electrification, and North America experiencing a more cautious upswing. Tesla remains influential but faces headwinds, while Chinese firms like BYD benefit from robust domestic demand and export growth.
In other news, Uber will begin testing robotaxis in London next spring in partnership with UK AI firm Wayve, following the UK government's updated plans to fast-track small autonomous transport services. Additionally, Polestar, the Volvo spin-off brand, has launched in France with its Polestar 2, 3, and 4 models now available for purchase, marking a key milestone for the brand.
Sources: [1] https://www.reuters.com/business/autos-transportation/china-accounted-57-5-global-bev-sales-69-4-phev-deliveries-first-four-months-2025-2023-05-30/ [2] https://www.autonews.com/electric-vehicles/byd-captures-8-global-top-10-phev-spots-april [3] https://www.bloomberg.com/news/articles/2025-06-13/global-electric-vehicle-market-continues-to-grow-strongly-in-april
- The surge in EV sales in China has led to significant growth for businesses like BYD, with the BYD Song Plus leading PHEV sales in April and encouraging numbers for the Seagull.
- As the EV market in Europe continues to grow, key players like Tesla are facing challenges in North America due to reduced government incentives and a more difficult regulatory environment.
- In an effort to advance technology and adapt to changing lifestyles, companies such as Uber are testing autonomous vehicles like robotaxis, while brands like Polestar are expanding their presence globally, launching their models in markets like France.
