The US Inflation Control Act (IRA) has been found to have a significant impact on automakers’ sales volume in the global electric vehicle (EV) market, excluding China.
According to a survey by SNE Research, an energy market research company, the number of EVs registered outside China reached 3.535 million from January to August. This represents an increase of 43.8% compared to the same period last year.
Manufacturers that met the IRA requirements showed impressive growth. Tesla maintained its number one spot with a 62.7% increase in sales, registering 789,000 vehicles and a 22.3% market share. Earlier this year, Tesla lowered the prices of its flagship models, the Model 3 and Model Y, with the benefit of tax breaks from the U.S. IRA.
The Volkswagen Group moved into second place with a growth rate of 42.2%, with sales of 476,000 vehicles, up from 335,000 a year earlier. Market share consistently he was 13.5%, slightly decreased from last year’s 13.6%. The company’s ID.4 electric vehicle, the first foreign brand to meet the U.S. government’s subsidy requirements, played a pivotal role in these numbers. Volkswagen said EV deliveries in Europe rose 61% from January to September, while the U.S. saw an even bigger increase of 74%.
Stellantis Group came in third place, delivering 375,000 units, an increase of 26.8% year-on-year. However, the market share decreased by 1.4 points from 12.0% to 10.6%.
Hyundai Motor Group ranked fourth with sales of 374,000 units, an increase of 12.0%. Market share he decreased from 13.6% to 10.6%. Even though electric vehicles such as the Ioniq 5, EV6 and Niro drove growth, they did not receive the tax benefits from the US IRA introduced last August.
BMW, which produces the X5 xDrive50e model, is the second foreign brand to meet the IRA subsidy requirements, ranking fifth. It sold 258,000 vehicles and had a market share of 7.3%.
The breakdown of EV deliveries in regions other than China is Europe: 1,968,000 units (55.7% market share), North America: 1,057,000 units (market share: 29.9%), Asia: 414,000 units (market share: 11.7%), and other regions. 95,000 units in the region (2.7% market share).
