A report unveiled a notable surge in global sales of Battery Electric Vehicles (BEVs), with a remarkable 29 percent increase year-on-year recorded in the third quarter of the current year. The report, released on Monday, projects an anticipated milestone of nearly 10 million annual BEV sales for 2023.
China, historically the frontrunner in the BEV market, faced challenges in reclaiming its market momentum due to economic downturns and intense pricing competition. The country’s BEV sales during Q3 only grew by 11 percent, falling short of the global average. These insights were derived from Counterpoint’s ‘Global Passenger Electric Vehicle Model Sales Tracker.’
Despite these hurdles, Chinese brands demonstrated resilience by achieving an impressive fourfold increase in overseas BEV sales, totaling over 0.13 million units compared to Q3 2022.
Leading the pack in BEV sales were Tesla, BYD Auto, and Volkswagen AG. Notably, BYD Auto, excluding Denza, has significantly closed the gap with Tesla and is poised to surpass it in Q4, potentially taking the global lead.
Senior analyst Soumen Mandal emphasized, “China retains a dominant share of 58 percent in the global BEV market, with the US capturing around 12 percent. Additionally, Germany, the third-largest BEV market, exhibited over 60 percent annual growth. Emerging economies like India and Southeast Asia are witnessing a rise in BEV adoption due to the availability of cost-effective options.”
Despite not meeting initial industry projections, BEV sales in the US are anticipated to exceed a staggering 50 percent year-on-year growth.
Jeff Fieldhack, Research Director, highlighted the potential impact of decreasing lithium-ion battery costs and the development of affordable alternative battery chemistries on BEV affordability. He stated, “Europe and the US are poised to continue substantial investments in securing access to essential minerals for BEVs, aiming to reduce reliance on China.”