According to a latest survey, one out of every seven automobiles sold in the first quarter of this year was an electric vehicle, with China’s BYD dominating the market with a 21.1 percent market share and Tesla coming in second with a 16 percent share.
Global passenger electric vehiclesales increased 32% year on year in the first quarter of 2023. According to Counterpoint Research, battery electric vehicles (BEVs) accounted for 73% of all EV sales during the quarter, with plug-in hybrid electric vehicles (PHEVs) accounting for the remainder.
By the end of 2023, EV sales are estimated to exceed 14.5 million units. While China remained the world’s largest EV market, the US beat Germany to take second place.
According to research analyst Abhik Mukherjee, Tesla’s global price reduction in January prompted other automotive brands to follow suit in February, resulting in increased sales of electric vehicles (EVs).
China accounted for 56% of all electric vehicle sales globally, which was significantly responsible for the growth of the EV market. Nearly 40 automakers cut their vehicle costs between February and March by a few hundred to several thousand dollars, including BYD, NIO, Xpeng, Volkswagen, BMW, Mercedes-Benz, Nissan, Honda, and Toyota.
This eventually sparked a pricing war in China between automakers. In spite of a countrywide fall in passenger car sales of 12%, EV sales in China saw an impressive YoY gain of 29%.
37% of all passenger EV sales were made by the top 10 EV models. The most popular model sold worldwide is still the Tesla Model Y, followed by the Model 3 and the BYD Song. Senior analyst Soumen Mandal stated that while sales of traditional internal combustion engine (ICE) vehicles remained steady in Q1 2023 compared to the previous year, the notable increase in electric vehicle (EV) sales indicates a rapid shift towards EVs and a transition away from traditional vehicles.
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