2023Q1 global electric vehicle sales increase by 32%
Global EV sales
Global passenger electric vehicle (EV) sales will increase by 32% year-on-year in the first quarter of 2023, according to new research from Counterpoint’s global passenger electric vehicle model sales tracker.
One in every seven cars sold in the first quarter of 2023 will be an electric vehicle.
Battery electric vehicles (BEVs) accounted for 73% of all EV sales in the quarter, while plug-in hybrid electric vehicles (PHEVs) accounted for the remainder.
In the first quarter of 2023, the United States surpassed Germany to become the world’s second largest electric vehicle market, while China maintained its leading position.
However, it is worth noting that although BYD leads in sales, Tesla still leads other manufacturers in terms of technology and innovation.
Therefore, in future competition, how to balance sales and innovation will become the key.
In addition, for consumers, facing more and more choices, it is becoming more and more important to choose the electric vehicle model they need.
In China, EV sales rose an impressive 29% year-on-year, even as overall passenger car sales fell 12%. In the U.S., EV sales soared more than 79% year-over-year in the quarter.
The top ten auto groups, including 48 car brands, dominate the global electric vehicle market in the first quarter of 2023, accounting for three-quarters of the total global electric vehicle sales.
Commenting on the market dynamics, research analyst Abhik Mukherjee said: “Global EV sales are mainly driven by China, with 56% of total EV sales in the first quarter of 2023 coming from the Chinese market.
The removal of subsidies for new energy vehicle purchases in China will result in a 1 Sales of electric vehicles in March were lower than expected.
Tesla cut the price of its models globally in January, followed by other auto brands announcing similar price cuts for their models starting in February, which directly improved the electric vehicle market.
Sales volume. From February to March, BYD, NIO, Xpeng, Volkswagen, BMW, Mercedes-Benz, Nissan, Honda, and Toyota made significant price cuts on their cars, which eventually triggered a price war in China.
Initially, It is believed that the price war will end soon and auto OEMs will benefit from increased sales. However, several automakers in China have reported reduced earnings or even losses as the price war continues.
The top 10 EV models accounted for 37% of total passenger EV sales in Q1 2023.
Tesla’s Model Y remains the best-selling vehicle globally, followed by Tesla’s Model 3 and BYD’s Song.
In the first quarter of 2023, Tesla’s Model Y will become the world’s best-selling passenger car model, even surpassing traditional fuel vehicles.
Top 10 EV manufacturers in Q1 2023
Top 10 EV manufacturers in Q1 2023:
Commenting on the market outlook, Senior Analyst Soumen Mandal said: “While sales of traditional internal combustion engine (ICE) vehicles remained stable in the first quarter of 2023 compared to the same period last year, the significant increase in sales of electric vehicles points to a rapid transition away from traditional cars to electric cars.”
“According to our forecast, global electric vehicle sales are expected to exceed 14.5 million by the end of 2023.
With the implementation of the US electric vehicle tax credit subsidy, US electric vehicle sales are expected to increase significantly this year. In order to qualify for the tax credit Standards, automotive OEMs are turning to partnering with battery suppliers and building battery manufacturing plants in North America.
As a result, the US is poised to overtake the EU in the race to manufacture EV batteries.”
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