To meet the July 1, 2023 deadline for changes to China’s emissions standards, we heard reports of large ICE car discounts (up to 50% for some models) in March. Although this hindered EV sales in China, it should only be temporary.
Sales of plug-in electric vehicles increased by 49% to 812,000 globally in February 2023 from February 2022 sales. Global market share for plug-in electric vehicles was 14% in February and 13% year to date.
Sales of Electric Vehicles
In February 2023, China sold 500,000 plug-in electric vehicles, a 56% increase over February 2022. In China, the market share of electric cars was 33% in February and 30% year to date.
Sales of plug-in electric vehicles in Europe reached 182,000 in February 2023, an increase of 14% YoY, 20% market share, and 19% YTD. Norway gained a 90% share in February 2023, followed by Sweden (54%), the Netherlands (37%), Germany (22%), France (24%), and the UK (23%).
- Sales of plug-in electric vehicles increased by 49% to 812,000 globally in February 2023.
- In China, the market share of electric cars was 33% in February and 30% year to date.
- The 2023 BYD Han EV launched for $30,400 USD and attracted 5,000 orders in 4 hours.
According to Bloomberg, sales of USA plug-in electric vehicles hit a 7.6% market share in March 2023. According to a mid-2022 prediction by BloombergNEF, “plug-in electric vehicle sales will rise from 6.6 million in 2021 to 20.6 million in 2025″ and “by 2025, plug-in electric vehicle sales will represent 23% of new passenger vehicle sales globally, up from just under 10% in 2021.”
With a 23.2% YTD market share, BYD is presently the market leader globally. With a 40.5% market share thus far, BYD is the market leader in China.
The 2023 BYD Han EV launched for $30,400 USD and attracted 5,000 orders in 4 hours, according to a March 17 CarNewsChina article.
March 30, according to The Driven: The world‘s largest auto market will be led by EV manufacturer BYD in 2023. In the first two months of the year, 344,996 new energy vehicles (NEVs) have been sold by BYD. The company would surpass the half-a-million NEV quarter milestone in 2023 with over 200,000 NEVs anticipated to be sold in March.
With a 15% YTD market share worldwide, , Tesla is presently placed second. With a 7.6% market share thus far, Tesla is ranked third in China. With a 9% market share thus far, Tesla is ranked fifth in Europe. With a 65% market share, Tesla continues to be by far the most popular electric car manufacturer in the US.
