Electric Vehicles See 32% Growth in Sales Amid Price War

EVs (Electric Vehicles) used to be considered a pipe dream, but in spite of the fact that this is the case, virtually every single major automotive company now has its fingers dipped into this specific pot. It turns out that EVs saw a 32% increase in sales over year as of the first quarter of 2023. This makes over 14% of all cars sold electric in nature, and the current trend makes it seem like they will become even more widespread than might have been the case otherwise.

The single most popular type of vehicle that is currently being sold is the battery powered EV, which represents 73% of the total. The remaining is composed of plug in hybrids, which offer an alternative to the standard battery powered variety with all things having been considered and taken into account.

With all of that having been said and now out of the way, it is important to note that Tesla has lost its status as the most popular EV company in the world. This honor now belongs to BYD, which accounted for 21.1% of sales. Tesla came in second with 16.01%, followed by Volkswagen with 6.88%. Geely and General Motors rounded off the top five list with 5.86% and 4.71% apiece.

It is predicted that EVs will cross 14.5 million units sold by the end of 2023. The US has implemented a subsidy on EVs because of the fact that this is the sort of thing that could potentially end up speeding up the transition to these less environmentally hazardous vehicles. That has EV sales to increase by 79% in the US alone, and it has now surpassed Germany as the second hottest market for EVs.

However, the biggest market for EVs by far is still China, which itself saw a 29% year over year growth rate even though 12% fewer passenger vehicles were sold overall. 56% of the EVs sold in the first quarter of 2023 were bought by Chinese consumers, so China’s hold over this market does not look like it will be subsiding anytime soon unless the US ramps up its growth rate even further.

H/T: Counter Point Research

Read next: Electric Vehicles Adoption and its Implications for Oil Consumption
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