Global passenger electric vehicle* (EV) sales in the fourth quarter (Q4 2022) rose by 53% year-on-year (YoY) to bring the 2022 total to over 10.2 million units, according to the latest research from Counterpoint Technology Market Research’s Global Passenger Electric Vehicle Model Sales Tracker.

During Q4 2022, battery EVs (BEV) accounted for almost 72% of all EV sales, while plug-in hybrid EVs (PHEVs) accounted for the rest. The top three EV markets were China, Germany and the US. The top 10 EV automotive groups, which hold more than 39 passenger car brands, contributed to almost 72% of all EV sales in Q4 2022.

“EV sales were at an all-time high during Q4 2022. The annual total for 2022 would have reached close to 11 million units had fresh COVID-19 infections not surfaced in China. COVID-19 infections in China during November and December affected automotive production and sales and disrupted the component supply chain. Despite these headwinds, Chinese brands managed to record strong growth. In fact, in 2022, many Chinese brands started to expand in markets like Europe, Southeast Asia and Latin America. 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,” Research Analyst Abhik Mukherjee said.

The top 10 EV models accounted for one-third of the total passenger EV sales in Q4 2022. Tesla’s Model Y remained the best-selling model globally followed by BYD’s Song. The Model Y also became the top-selling model in Europe for two consecutive months in Q4 2022. Seven out of the top 10 best-selling EV models in Q4 2022 were from BYD and Wuling. These two brands predominantly operate in China, highlighting the positive evolution of the country’s EV market.

“EVs are becoming mainstream faster than expected. By the end of 2023, EV sales are expected to reach nearly 17 million units. This year, the US’ EV sales will see a boost as models become slightly more affordable due to the $7,500 tax credit. 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. Lithium prices are also expected to come down during the second half of 2023, which will benefit EV sales,” Senior Analyst Soumen Mandal said.

*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brands/companies.

*For EVs, we consider only BEVs and PHEVs. Hybrid EVs and fuel cell vehicles (FCVs) are not included in this study.

By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved