According to the most recent data, global sales of passenger Electric Vehicle (EVs) increased by 53% year on year in Q4 2022, according to a report by a global technology market research firm. This equates to more than 1.2 crore electric vehicle units for the fiscal year 2022-23.
According to the same report, Tesla’s Model Y has remained the best-selling Electric Vehicle model worldwide.
It is followed by the Song model from China-based BYD. Notably, battery electric vehicles accounted for nearly 72 percent of all vehicle sales in Q4 FY22-23. PHEVs, on the other hand, have absorbed the remaining market share. China, Germany, and the United States were the top three EV markets in 2022.
“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.
Furthermore, the top ten Electric vehicle automotive groups, which own over 39 passenger car brands, accounted for nearly 72 percent of all EV sales in Q4 2022. Many Chinese brands began to expand in markets such as Europe, Southeast Asia, and Latin America in 2022.
Also Read:
- Two-Wheeler EV Registration rises in Feb 2023 with Ola leading the race
- Tata Motors to soon start producing its Generation 2 EVs
