Over 1.2 crore EVs sold in 2022 globally, may reach 1.7 cr by 2023 end
The Model Y from Tesla continues to be the most popular model sold worldwide, followed by the Song from BYD of China. According to Counterpoint Research, battery electric vehicles (BEV) made up nearly 72% of all EV sales in Q4 2022, with plug-in hybrid vehicles (PHEV) making up the remainder.
According to a report released on Monday, sales of passenger electric vehicles (EVs) increased worldwide by 53% in Q4 2022, bringing the year’s total to over 10.2 million (more than 1.2 crores) units.
According to Counterpoint Research, battery electric vehicles (BEV) made up nearly 72% of all EV sales in Q4 2022, with plug-in hybrid vehicles (PHEV) making up the remainder.
By the end of 2023, senior analyst Soumen Mandal predicts that EV sales will have reached almost 17 million units.
The top three EV markets in 2022 were the US, Germany, and China. In Q4 2022, the top 10 EV automotive groups—which collectively own more than 39 passenger car brands—were responsible for nearly 72% of all EV sales.
“The annual total for 2022 would have reached close to 11 million units had fresh Covid-19 infections not surfaced in China. The infections in China during November and December affected automotive production and sales and disrupted the component supply chain,” said research analyst Abhik Mukherjee.
Despite these challenges, Chinese brands were able to post significant growth. Numerous Chinese brands began to grow in 2022 in regions like Latin America, Southeast Asia, and Europe.
“Chinese brands are likely to dominate in Southeast Asia and Latin America as there are very few brands operating in these regions. But a fight for market presence is expected in Europe,” Mukherjee added.
In Q4 2022, sales of the top 10 EV models made up one-third of all passenger EV sales. By the end of 2023, EV sales are anticipated to reach close to 17 million units, according to Mandal.
“The end of the purchase subsidy in China might push EV manufacturers to increase their prices. BYD has already implemented one price hike in January. But these price hikes are unlikely to affect EV sales in one of the most matured EV markets,” said Mandal.
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Content Credit: The Economics Time