BYD, Tesla & VW lead the charge in sustainable mobility
Leading EV and energy transition data researcher and analyst, Rho Motion, shares insight on the global EV sales figures for October.
Another record high monthly EV sales in China in October 2023, global EV sales have grown by 34% so far this year (YTD September 2023 vs YTD September 2022), with the European market having grown by 26%, the Chinese market by 29% and the North American market by 78%.
EV sales continue to rise
"BYD leads total EV sales with over 2 million sold this year alone, already surpassing its 2022 sales figure. Most of these vehicle sales are in China, however, throughout 2023 BYD has started to export to many countries in Europe and Asia,” shares Charles Lester, Data Manager at Rho Motion where he works on electric vehicle, battery and charging market analysis, as well as modelling energy and commodity demand associated with the energy transition.
Lester joined Rho Motion in 2020 as a Senior Research Analyst, having previously been an Analyst for Argus Media. Lester studied Economics at the University of East Anglia before completing a masters in Economics at University College London.
“In terms of Battery Electric Vehicle (BEV) sales, Tesla is still the dominant player with around 20% market share of BEVs sold globally in 2023. In the European market, the Tesla Model Y and Model 3 are still the best-selling EVs. However, Volkswagen Group has sold the most EVs, followed by Stellantis in Second and Tesla in third."
Despite the elimination of government purchase subsidies at the beginning of the year, the Chinese EV market continues to grow, and November and December are classically high sales months.
The North American market continues to have a strong 2023, with Tesla still taking the lion’s share of demand as legacy OEMs temper ambitions of scaling production.
"We are pleased to see global EV sales still going strong as drivers continue to take the plunge to go electric,” Lester continues.
“What’s notable about October’s figures is that EV demand in China continues to reach record highs even though the subsidies were cut at the end of 2022. What with the high season still to come, 2023 is set to be another banner year for China in terms of EV sales."
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