On June 8th, according to the latest report released by market research firm Counterpoint Research, global sales of electric passenger vehicles in the first quarter of 2023 increased by 32% year-on-year. One out of every seven cars sold was an electric vehicle.
The report pointed out that battery electric vehicles (BEVs) accounted for 73% of the sales in this quarter, while plug-in hybrid electric vehicles (PHEVs) accounted for 27%.
China remains the world’s largest electric vehicle market, with electric vehicle sales increasing by 29% year-on-year despite a 12% decline in overall passenger car sales.
In addition, the United States surpassed Germany to become the world’s second-largest electric vehicle market in the first quarter of 2023, with electric vehicle sales soaring by more than 77% year-on-year.
Research analyst Abhik Mukherjee stated that nearly 40 automakers, including BYD, NIO, XPENG, Volkswagen, BMW, Mercedes-Benz, Nissan, Honda, and Toyota, have all lowered their car prices due to price wars, with the largest price cut reaching tens of thousands of dollars.
The top 10 electric vehicle models accounted for 37% of the total sales of electric passenger vehicles in the first quarter of 2023. Tesla’s Model Y remains the best-selling model globally, followed by Tesla’s Model 3 and BYD’s “Song.”
BYD ranked first with a market share of 21.10%, followed by Tesla (16.01%), Volkswagen (6.88%), and Geely (5.86%).
During the first quarter of 2023, Tesla’s Model Y achieved significant success, becoming the world’s best-selling passenger car model, even surpassing traditional fossil fuel cars.
