According to Counterpoint Research’s latest global electric vehicle tracking report, global electric vehicle sales in the second quarter of 2023 will increase by 50% year-on-year, with Tesla and BYD ranking the top two.
▲ Picture source Counterpoint official website, the same below
Chinese OEMs continue to dominate as the brands enjoy scale advantages at home, enabling them to account for 56 percent of global EV sales, the report said, with BYD Auto, GAC Group and Geely Holdings among the world’s top five EV makers last quarter. Three of the merchants. While none of the above brands are household names in the West, they sell the majority of their vehicles in the Chinese market, Counterpoint said.
Attached are some brand shares in Q2 2023:
Tesla's share was 20%, compared with 16% in the same period last year, and sales increased by 83% year-on-year; BYD's share was 15%, compared with 12% in the same period last year, and sales increased by 96% year-on-year; Volkswagen's share was 7%, compared with 7% in the same period last year, and sales increased by 48% year-on-year; Geely's share was 6%, compared with 4% in the same period last year, and sales increased by 111% year-on-year; GAC's share was 6%, compared with 4% in the same period last year, and sales increased by 137% year-on-year;
The report also said product trends outside of China have been skewed towards the more premium segment, with most passenger EVs sold being larger, more expensive and often more luxurious. According to data provided by Counterpoint, 61% of electric vehicles sold in the Chinese market are compact models, usually with a retail price of less than $40,000, while large and medium-sized electric vehicles account for 34%, while the opposite is true in foreign markets.
Global EV sales up 50% in Q2 2023; different segment trends in China and global markets