Denso’s Q4 2023 Revenue Up 14% YoY, FY2024 Appears Bright

  • Denso’s Q4 revenue boosted by strong car sales in Japan and North America.
  • Denso makes upward revision to FY2024 revenue forecast provided in Q3 2023.
  • Denso set to benefit from rising adoption of smart EVs in China, the US and SEA.
  • Denso is focusing on rebuilding trust with domestic manufacturers before expanding to target international players.

Automotive components maker Denso Corporation posted a 14% YoY rise in Q4 2023 revenue, driven by the strong sales of cars using its thermal systems, powertrain systems, electrification systems and mobility electronics in Japan and North America. Additionally, Denso and Toyota Group’s strong collaboration contributed to over half of Denso’s total automotive group revenue during the quarter. The Q4 2023 results highlight Denso’s strong financial position and solidify Denso’s pivotal role in manufacturing essential automotive components.

However, the company’s operating profit declined 76% YoY in Q4 2023 due to a rise in material costs, particularly for electronic components, and the additional provision made for quality assurance.

Denso's Revenue, Gross Profit, Operating Profit, R&D Expenditure, Q1 2022 - Q4 2023

Denso on Toyota Group Vision:

Denso: “We take the Toyota Group Vision very seriously because we have caused the quality issues. We have been stating our ‘DENSO of Quality’, but we are strongly aware that this has been wavered. With the priority on returning to our roots and regaining trust and credibility, we would promote the systematization of quality control and initiatives for ‘awareness’, ‘knowledge’, and ‘culture’.”

Soumen Mandal’s Analyst Take: Denso acknowledges its mistakes and is diligently working to rectify them, which is crucial for maintaining transparent and strong relationships with customers. Prioritizing quality ensures they regain trust across all stakeholders.

Domestic automakers such as Toyota, Honda, Subaru, Suzuki, Mazda, Nissan, and Mitsubishi collectively account for over 70% of Denso’s total automotive group revenue. Therefore, Denso is focusing on rebuilding trust with domestic manufacturers before expanding to target international players. This approach appears sustainable, especially during the ongoing transition in the automotive industry.

Denso: “Overall, we feel like the number of vehicle production has returned to a slightly inferior level from the pre-Corona level. As for downside risks, China is extremely large, and although sales decreased by about 10% in December, we think that inventory adjustments would begin in the future, and we think that sales would be 2%-3% lower than the sales plan in the fourth quarter. In the ASEAN region, vehicle production seems to have stopped declining, but we think that sales would continue to be about 10% lower than the sales forecast due to the decline in sales of pickup trucks in Thailand and the continued tightening of loan lending standards.”

Soumen Mandal’s Analyst Take: Car sales are on the rise, and while Counterpoint expects them to return to pre-COVID-19 levels by 2025, the long-term outlook remains optimistic. The expanding market for electrification and ADAS is expected to drive growth in the automotive industry.

Denso’s focus outside of Japan lies in the crucial regions of Asia and North America. The increasing adoption of smart EVs in China, the US and SEA regions, is poised to foster healthy growth for the brand in the future.

Revenue Share by Customer

Result Summary:

  • Revenue Highlights:
    • Denso’s revenue jumped 14% YoY in Q4 2023, driven by strong car sales in Japan and North America. Additionally, foreign exchange rates provided a boost and expanded its offerings in electrification, safety, and comfort features.
    • Denso’s automotive revenue grew 15.4% YoY in Q4 2023, driven by increased demand, strategic partnerships, and focus on innovative products.
    • Denso’s non-automotive business experienced a 38.5% YoY revenue decline in Q4 2023. This could be due to Denso’s focus on strengthening its core automotive business due to which the company may have neglected its other operations.
  • Key Contributors: Denso’s thermal systems, powertrain systems, and mobility electronics contributed to more than 70% of the total group revenue. Mobility electronics was the fastest-growing segment in Q4 2023 while the electrification systems segment witnessed the highest growth over the last two years.
  • Risk: Japan contributed to nearly 60% of Denso’s total revenue as the company’s major customers are Japanese OEMs. Denso can look for globalization for the next phase of growth and remain competitive against international players such as Continental, Bosch, ZF and BorgWarner.
  • R&D Expenditures: By prioritizing R&D, Denso maintained consistent investment in research and development. This shows that they are committed to finding new solutions and advancing car technology to grow in the future.
  • Operating Profit: Denso’s operating profit experienced significant fluctuations, peaking at ¥158.2 billion in Q1 2023 before declining steadily to ¥26.8 billion in Q4 2023. This represents an overall downward trend, despite strong initial performance.


Denso is expanding its product range to align with the transition towards electric autonomous mobility, while also restructuring its business operations to meet rising demand. Denso’s Hungary plant is focused on customers beyond Toyota, indicating Denso’s readiness for geographical expansion.

Denso revised its FY2024 revenue forecast upward to ¥7120 billion from the earlier guidance provided in Q3 2023, prompted by a positive outlook for vehicle sales, along with increased production of electrification and advanced safety systems. With Japanese auto OEMs recovering from the impact of COVID-19 and embracing newer technologies to remain competitive against Chinese and European OEMs, the future appears promising for Denso.

Related Posts

Guest Post: Digital Automotive – Radio Wars

The issue of AM radio in vehicles sold in the US has been debated for many years, but electric vehicles (EVs) bring this issue to a head, meaning that the most likely outcome is that AM radio becomes an option rather than standard in EVs.

  • Although the relevance of radio broadcasting has declined substantially in most parts of the world, it remains an important medium in the US by which consumers receive news, information and entertainment.
  • I have long thought the main reason for this is that US consumers spend more time in their cars daily than anywhere else and, in the vehicle, radio has long had the best user experience.
  • This is because when the user gets into the car, either the radio automatically starts or it can be accessed by one press of a big round button. There is no fiddling around with Bluetooth settings or cables or trying to find the right app.
  • Radio is also popular because in a country the size of the US, local programming is more important and the easiest way to deliver that historically has been through radio broadcasts.
  • AM radio broadcasts began 118 years ago in the US and many local radio stations and emergency broadcasts still use it.
  • According to Neilsen, 78 million Americans tune into it. This is down from 107 million in 2016 (roughly a decline of 3.5% annually), which is surprising in the era of smartphones, streaming services and increasingly digitized vehicles, meaning that there is a case to keep it in vehicles.
  • The problem is that AM radio has issues in EVs because the onboard electrics cause interference in the AM frequency, meaning that shielding is required to ensure good reception of AM radio stations.
  • According to the automotive industry, this would increase the cost of making EVs by $3.8 billion over seven years, explaining why all of the OEMs are keen on following Tesla’s lead and dropping support.
  • Tesla dropped support for AM several years ago but the inclusion of the TuneIn app in the head unit means that there is an alternative for anyone who wants to listen to AM radio.
  • The user experience will be a little more cumbersome but, crucially, it is still there for those who want it and I would expect that most of the OEMs will try to do something similar.
  • However, some are not happy with this compromise and are lobbying to get Congress to mandate the inclusion of an AM receiver in all vehicles, using emergency broadcasting as the reason.
  • This will only mean that prices of EVs rise even further, postponing the time when they can compete head-to-head with petrol vehicles on price.
  • Furthermore, given that almost everyone has a smartphone, there are alternatives for emergency broadcasting that did not exist when the emergency radio broadcasting system was first deployed.
  • Hence, the best (and most likely) outcome is that AM radio becomes an optional extra in EVs as the case for keeping it is not strong and there is more than one viable alternative for all of its uses.
  • Radio broadcast looks set to remain a significant part of how Americans consume content as its decline in the face of easily available alternatives with greater functionality and choice has failed to accelerate.

(This guest post was written by Richard Windsor, our Research Director at Large. This is a version of a blog that first appeared on Radio Free Mobile. All views expressed are Richard’s own.)

Tesla Guides Weak 2024 EV Sales, Other Segments Set to Surge

  • Tesla’s sales could grow 20% YoY to 25% YoY in 2024, lower than the 30% or 40% levels seen in previous years.
  • Launch of Tesla’s compact sub-$25,000 car in 2025 has the potential to increase the company’s delivery growth rate.
  • Deployment of Tesla’s solar panels and energy storage units expected to surge in 2024.

Tesla’s Q4 2023 revenue rose 3% YoY to reach $25 billion, helped by a 20% YoY jump in EV deliveries which reached 484,507 units during the quarter. Tesla’s EV deliveries totaled more than 1.8 million units for full-year 2023.

Although Tesla achieved substantial EV deliveries in Q4 2023, the company was surpassed by BYD Auto as the global EV leader for the quarter. BYD sold more than 526,000 EVs in Q4 2023. The US remained Tesla’s primary market, with China and Europe following closely behind.

However, the Austin, Texas-based automaker’s gross profit declined 23% YoY in Q4 2023 due to the consistent reduction in vehicle prices through the year.

During the Q4 2023 earnings call, Tesla CEO Elon Musk discussed a few key topics like the company’s next-gen vehicle platform, new factory location and FSD beta V12.

Next-gen vehicle platform

CEO: “Our company is currently between two major growth waves: the first one began with the global expansion of the Model 3/Y platform and the next one we believe will be initiated by the global expansion of the next-generation vehicle platform. In 2024, our vehicle volume growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next-generation vehicle at Gigafactory Texas.…”

Abhik Mukherjee’s analyst take: “In 2023, Tesla witnessed a substantial 38% YoY growth in vehicle deliveries as it maintained demand through multiple price reductions throughout the year. As Tesla approaches the cost reduction limit for its current lineup, it is expected that the company’s delivery growth rates in 2024 may not reach the 30% or 40% levels seen in previous years. Market participants were rattled by CEO Elon Musk’s bleak forecast for 2024, causing Tesla’s stock to tumble as much as 12% following the earnings call in late January.”
“Currently, Tesla is focusing on the production of its next-generation compact vehicle, slated to commence in 2025. The launch of this compact sub-$25,000 car has the potential to increase Tesla’s delivery growth rate.”

Autonomy (FSD Beta V12):

CEO: “For full self-driving, we’ve released Version 12, which is a complete architectural rewrite compared to prior versions. This is end-to-end artificial intelligence. So, another bit nets basically photons in and controls out….”

Abhik Mukherjee’s analyst take: “Over the past few quarters, Tesla has strongly emphasized on AI, neural net and quantum computing. Tesla has substituted the traditional hard coding of FSD with neural net in the FSD beta V12. This latest development indicates that Tesla has achieved AI-driven self-driving capabilities with the FSD beta V12, allowing the system to react based on real-time data learning. This is a significant breakthrough for the auto industry. It is expected that like the widespread adoption of Tesla NACS, traditional and new automakers in the EV space might be collaborating with Tesla for FSD licensing which will generate additional revenue opportunities for the company.”

A chart showing Tesla Revenue by Segment, Q4 2022 - Q4 2023

Financial highlights:

In Q4 2023, Tesla’s Automotive sector revenue increased marginally by 1% YoY to around $21.5 billion, despite a nearly 20% YoY rise in vehicle deliveries. The primary factor constraining revenue growth was the reduced ASP of the Model Y and Model 3 in China and the US.

Income from other ventures such as energy storage deployment, charging networks, and additional services rose 20% YoY to reach $3.6 billion. During Q4 2023, Tesla successfully installed 41 MW of solar panels and deployed 3.2 GWh of energy storage.

During the quarter, Tesla’s gross profit amounted to $4.4 billion, marking a 23% YoY decline. The company’s overall gross profit for the year 2023 declined by 15% YoY as it reduced the prices of its vehicles multiple times and recorded lower-than-expected FSD revenue.

A chart showing Tesla Production and Deliverables, Q4 2022 - Q4 2023 (in '000 Units)


Tesla did not specify any target for total vehicle sales in 2024 but has indicated a lower growth compared to 2023. Considering the prevailing market conditions, it is anticipated that Tesla’s sales could grow 20% YoY to 25% YoY in 2024 to reach 2.2 million to 2.3 million units.

While the growth rate for vehicle sales may not match previous levels, there is an expectation of a substantial surge in the deployment of solar panels and energy storage units for Tesla in 2024.

Related Posts

Two-thirds of Cars Sold in Q3 2023 Featured Embedded Connectivity

  • Global connected car sales grew 28% YoY in Q3 2023.
  • Developed countries with strong government push lead in connected car sales.
  • By 2030, more than 90% of connected cars sold will have embedded 5G connectivity.

Seoul, Beijing, Boston, Buenos Aires, Hong Kong, London, New Delhi, San Diego – January 17, 2024

Global connected car sales* grew 28% YoY in Q3 2023, according to the latest research from Counterpoint’s Global Connected Car Sales Tracker. Every 2 out of 3 cars sold in Q3 2023 had embedded connectivity in them. China led with around 33% share in global connected car sales, followed by the US and Europe. These top three regions constituted more than 75% of the global connected car sales in Q3.

Commenting on the market dynamics, Senior Analyst Soumen Mandal said, “Germany has the highest share of connected cars in its passenger car sales owing to the initial government push towards connected vehicles through mandates like eCall. After Germany, the US, France, and the UK have the highest share of connected cars in their respective passenger car sales.

With the increasing adoption of electric vehicles and autonomous vehicles, the connectivity penetration in a car is increasing. 4G still dominates this space with more than 95% sales share, while 5G adoption is slower than the industry’s projections earlier. The lack of robust 5G infrastructure along the highways, non-availability of unique 5G use cases within the car, and supply chain issues are some of the reasons for slower adoption of 5G in passenger cars.”

Share of Connected Cars in Passenger Car Sales, Q3 2023

Mandal added, “With growing consumer tech awareness and need for connectivity, the sales of non-connected cars are steadily declining. The top five automotive groups accounted for nearly 45% of the connected cars sold in Q3 2023. Toyota Group led the charts in terms of shipments with a 12% sales share, closely followed by the Volkswagen Group. GM Group, Hyundai Kia Automotive Group and Stellantis were the other three in the top five.”

Global Car Sales Share by Automotive Group, Q3 2023

Commenting on the market outlook, Vice President Research Neil Shah said, “The connectivity in cars is slowly gaining preference in developing economies too and becoming the main differentiator in the market. It is expected that more than 95% of all new passenger cars will have embedded connectivity by 2030. 4G connectivity will continue to dominate, while 5G connectivity will gradually rise with the introduction of more L3 and above cars in the market. 2026 will likely be the inflection point for adopting 5G in automotive applications. By 2030, more than 90% of connected cars sold will have embedded 5G connectivity.”

* Sales here refer to wholesale figures, i.e. deliveries out of factories by respective brands, and consider only passenger cars with embedded connectivity.

The comprehensive and in-depth ‘Global Connected Car Tracker, Q3 2023’ and ‘Global Connected Car Forecast, 2019-2030F’ are now available for purchase at

Feel free to reach us at for questions regarding our latest research and insights.


Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Follow Counterpoint Research


Related Posts

HERE, TomTom Lead Location Platform Effectiveness Rankings

  • HERE led in 8 out of 10 categories and 44 out of 84 sub-categories.
  • TomTom’s new vision is paying handsomely and providing tough competition.
  • Google is making headway in the automotive industry.

Seoul, Beijing, Boston, Buenos Aires, Hong Kong, London, New Delhi, San Diego – January 5, 2024

HERE and TomTom have emerged as leaders in Counterpoint Research’s Location Platform Effectiveness Index for 2023. They are followed by Google, Mapbox and Baidu.

To help better understand the location ecosystem, key player offerings, capabilities and market trends, Counterpoint Research publishes the Location Platform Effectiveness Index report annually. It analyzes over 25 leading mapping and location platform vendors using our proprietary CORE (COmpetitive Ranking Evaluation) framework. This comprehensive evaluation is based on more than 80 key capabilities spanning 10 categories – (1) Maps data; (2) Location intelligence; (3) Location services; (4) Data platform; (5) AI capabilities; (6) Sustainability; (7) Developer ecosystem; (8) Partners; (9) Business performance and (10) Customer growth.

For companies across sectors such as automotive, transport and logistics, enterprise, O2O, retail and government, these capabilities are imperative to understand, choose and partner platforms. The abovementioned sectors heavily depend on location data, maps and related tools for their day-to-day planning, operations, and fleet and asset management among other location-centric applications.

Counterpoint CORE Scorecard Location Platform Effectiveness Index, 2023
Source: Location Platform Effectiveness Index 2023

HERE remains at the pole position of location platform rankings for the seventh consecutive year. In the last 12 months, HERE introduced highly automated AI/ML-driven mapping technology called Unimap to drive freshness, efficiency and customization at scale, giving it a unique advantage. The company continued to expand its portfolio by introducing new products and services like HERE Road Alerts and HERE Automated Driving Zones. Key companies added to HERE’s customer portfolio included Lotus, Scania, Ford, Vinfast, Uber and Cognizant.

Commenting on HERE’s success, Research Analyst Mohit Sharma said, “HERE’s commitment to sustained innovation along with a no-compromise approach towards data privacy and security have helped the company grow its customer and partner network.”

TomTom maintained its second position, inching closer to its industry peer HERE with a growing portfolio of offerings, capabilities and customer wins.

Commenting on TomTom’s growth, Associate Director Mohit Agrawal said, “TomTom’s success is built on its new Orbis Platform with enhanced map quality and revamped developer ecosystem along with growing third-party network through its partnership with Microsoft. TomTom’s AI-based voice assistant for vehicles has put the company ahead of its peers like Google and HERE and complements its Digital Cockpit offering. The TomTom brand refresh along with a more usable website and developer portal have also helped.”

Google secured the third rank among location and mapping platform providers worldwide. The company continues to build services to offer immersive and real-world experiences to its customers by taking advantage of a vast database of satellite and aerial imagery.

Commenting on Google’s evolution, Vice President Research Neil Shah said, “Google is aggressively challenging the market leaders in automotive navigation by adding new map products and services (HD Map and EV charging) just for vehicles. Further, Google is looking to ‘flexibly’ license its maps data and services such as YouTube as a bundle without the automotive OS. It is happy to cede control over the data which has been the key bottleneck for OEMs who don’t want to share their data with Google.

Google also remained strong in the B2C sector thanks to 2 billion+ Android users and a robust app developer ecosystem attracting customers in the retail, logistics and O2O space.

Mapbox sustained its lead among the top five platforms globally. It is strong in the North American market and plans to expand in markets such as Japan and Europe. Enhanced platform capabilities such as Autopilot Map, AI-powered MapGPT and its industry-leading map and data visualization tools have helped Mapbox attract customers as well as funding to scale the platform.

Shah added, “For example, the recent funding from SoftBank will help Mapbox expand its automotive-centric offerings and bring AI capabilities to its platform that will further help the company stay competitive in the market and expand its global presence.”

Regional players like Baidu, MapmyIndia, Zenrin and Naver continue to lead in their home markets China, India, Japan and South Korea respectively.

Segment leaders

  • HERE led in ADAS (ISA) Map, HD Map, EV services, tracking and positioning, Platform privacy, Security and more.
  • TomTom led in Navigation, Offline maps, Traffic information, Infotainment and more.
  • Google led mainly in Maps coverage, Data depth, POIs, AR, Indoor maps and other areas.
  • Mapbox led in Developer evangelism, Visualization tools and more.
  • ESRI led in Sustainability, Analytical tools, Digital twin and more.

The comprehensive and in-depth ‘Location Platform Effectiveness Index 2023 Part 1-Industry Overview and CORE Analysis’ is now available for purchase at

Feel free to reach us at for questions regarding our latest research and insights.


Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Follow Counterpoint Research


Related Posts

Counterpoint Quarterly: Automotive Q4 2023



PDF | 34 pages
Published date: January 4th 2024

Current clients, click here!

If you are a current client, this report is available for you on our Research Portal. Click on the user icon to access the PDF page.



John Doe
John Doe
John Doe
John Doe
John Doe
John Doe

Global BEV Sales: China Players Surge Ahead, Despite Roadblocks

  • Global battery EV (BEV) sales grew 29% YoY in Q3 2023.
  • In the US, OEMs manufactured more EVs than they sold, leading to an inventory glut.
  • Global BEV sales are expected to reach almost 10 million units in 2023.

Seoul, Beijing, Boston, Buenos Aires, Hong Kong, London, New Delhi, San Diego – December 18, 2023

Driven by Europe and the expanding Southeast Asia market, global passenger battery electric vehicle (BEV) unit sales increased by 29% YoY in Q3 2023, according to the latest research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker. Although China maintained its position as the top global market for BEVs, the country’s sales struggled to recover their momentum due to a weakening economic outlook and intense price competition. During Q3, China’s BEV sales grew only 11%, below the global average. Nevertheless, Chinese brands successfully sold over 0.13 million BEVs abroad, marking a fourfold increase compared to Q3 2022. Tesla, BYD Auto and Volkswagen AG were the top-selling BEV groups. BYD Auto (excluding Denza) has caught up with Tesla and is expected to surpass it in Q4 to lead globally.

A chart showing Global Passenger BEV Auto Group Sales Share in Q3 2023

Commenting on market dynamics, Senior Analyst Soumen Mandal said, “China still holds 58% of the global BEV market, with the US taking around 12%. Germany, the third-biggest BEV market, also grew more than 60% annually. BEV adoption is also rising in emerging economies like India and Southeast Asia due to the availability of affordable options. Throughout 2023, the US market expanded significantly. But despite the US BEV sales growing by 63% YoY in Q3, several automakers are cutting back on EV related expenses as customers are unwilling to pay extra for BEVs over internal combustion engine vehicles and hybrid alternatives. Ford has decided to postpone its $12-billion investment for EVs. Similarly, GM has decided to deaccelerate its EV production and delay the launch of new EV models. GM has also scrapped the plan to manufacture affordable EVs (below $30,000) with Honda.”

The top 5 BEV models globally in Q3 2023

Discussing the market outlook, Research Director Jeff Fieldhack said, “Annual BEV sales are expected to reach almost 10 million in 2023. Despite falling below automakers’ expectations, BEV sales in the US are projected to surpass 50% YoY growth. The decreasing cost of lithium-ion batteries together with the development of low-cost alternative battery chemistries will help the affordability of BEVs. Both Europe and the US are expected to maintain substantial investments in securing access to essential minerals for BEVs, thereby reducing dependence on China. To counter China’s influence in Western auto markets, the European Union has launched an anti-subsidy probe on China-made BEVs. The influx of low-cost BEVs from China has been adversely affecting Europe’s domestic automakers. This underlines the growing competitiveness in the BEV market, which is expected to intensify further.”


Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Follow Counterpoint Research


Global Electric Vehicle Market Share, Q4 2021 – Q3 2023

Global Passenger Electric Vehicle Market Share, Q4 2021 – Q3 2023

Published date: November 30, 2023

This page depicts our quarterly data for global electric vehicle sales market share from Q4 2021 to Q3 2023.

Global EV market share Q3 2023

Auto Group Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
BYD Auto 9% 10% 12% 13% 15% 14% 15% 17%
Tesla 19% 21% 16% 17% 17% 22% 20% 17%
Volkswagen Group 10% 7% 7% 7% 8% 7% 7% 8%
Others 62% 62% 65% 63% 60% 57% 58% 58%

Note: For EVs, we consider only BEVs. PHEVs has been excluded from the study

Source: Global Passenger Electric Vehicle Model Sales Tracker: Q1 2018 – Q3 2023

Global electric vehicle market highlights:

  • Global BEV sales grew 29% YoY in Q3 2023.
  • China ranked first, with 58% share of total sales, followed by the US and Germany.
  • BYD Auto narrowed its gap with Tesla in BEV sales in Q3 2023.
  • Tesla’s Model Y, BYD’s Yuan Plus and Tesla’s Model 3 were the best-selling BEV models during the quarter.
  • Chinese brands sold over 0.13 million BEV units overseas.
  • With the current growth trajectory, global BEV sales are expected to reach 10 million units by the end of 2023. 

Top Electric Vehicle Brands highlights:

Tesla: Tesla’s sales grew 26% YoY in Q3 2023, falling short of expectations The company is revamping its production lines in China and the US for the Model 3 facelift version, which is a reason for the lower-than-expected Tesla sales in Q3. The Model Y retained its position as the ‘best-selling’ passenger car globally during the quarter.

BYD Auto: BYD Auto experienced a 66% YoY increase in sales during Q3 2023. The Yuan Plus, Dolphin and Seagull were its top three best-selling models, accounting for nearly 72% of BYD’s total BEV sales. BYD exported more than 65,000 BEVs during the period.

Volkswagen Group: In Q3 2023, Volkswagen Group’s EV sales increased 36% YoY. The ID.3, ID.4 and Audi Q4 e-tron were the best-selling EV models of the group, accounting for 51% of its quarterly EV sales. Compared to previous quarters, Volkswagen’s EV sales in China improved significantly in Q3.

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

For a more detailed electric vehicle model sales tracker, click below:


Global Passenger Electric Vehicle Model Sales Tracker: Q1 2018 – Q3 2023

This report tracks the global passenger vehicle sales* by brand and by model across 23 regions (China, USA, Germany, UK, France, Spain, Japan, India, Italy, South Korea, Thailand, Indonesia, Vietnam, Brazil, Argentina, Russia, Malaysia, Philippines, Singapore, ROE, LATAM, MEA and Oceania) quarterly. The report will help to understand regional trends, brand dynamics and type of EV penetration. The period covered in this report is from Q1 2018 to Q3 2023.

*Sales here refers to wholesale figures, i.e., deliveries out of factories by respective brands/companies.

*Under electric vehicles, the report only considers battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). Hybrid electric vehicles and fuel cell vehicles (FCVs) are not included.

Table of Contents:

•  Definition
•  Pivot Table
•  Flatfile

Note: Numbers based on passenger vehicles only.  For EVs, we consider only BEVs and PHEVs. Hybrid EVs and fuel cell vehicles (FCVs) are not included in this study.

Contact Us Read More


Related Posts

Automotive USA 2023: Day 1 Highlights and Industry Insights

Our analysts are on-site at the Reuters Events’ Automotive USA 2023. Below are their quick notes from Day 1 of the event. Discussions centered on electrification, AI in manufacturing, digital transformation, EV Charging Networks, Monolithic Power Systems, General Motors’ global strategies, in-cabin experiences, EV battery technologies, sustainability, and subscription services. Additionally, we bring you exclusive insights from interviews with Chrysler and Ford, outlining their strategies for revitalization, digital sales, sustainability, and advancements in EV charging networks. Stay tuned for more updates as we delve deeper into these crucial discussions shaping the future of the automotive industry.

Reuters Interview with Chrysler

  • Revitalizing the Chrysler brand
    • Aiming to revamp the brand with new EV products and phase out of ICE.
    • Differentiation in the crowded EV market through sustainable products, design & and customer experience.
  • Digitizing car sales
    • Experimenting with digital sales and onboarding processes.
    • Dealerships may need to rethink their approach by creating value, not extracting margins.
  • Brand expansion and tech sharing
    • Moving beyond sedans with a new concept to be revealed early next year.
    • Could leverage Sterling’s global reach and tech across Europe.

Reuters Interview with Ford

  • Green policy retreat across Europe and the US
    • Highlights the need for stable policies.
    • Importance of aligning policy with market needs and compelling products.
  • Energy policy, efficiency, and tech adoption
    • Ford shifting to hybrid technology, prioritizing customer choice and sustainability.
    • Electrification is especially compelling for commercial customers who demand lower maintenance costs and efficient operations.
  • EV supply chains and investor expectations
    • EV supply chains different from ICE – need support for less China-centricity, infra development, and manufacturing diversification.
    • OEMs investing in organizations and partnerships to track and trace raw materials, share best practices and improve capital efficiency.
    • Investors expect Ford to prioritize climate goals, despite market volatility.
  • Sustainability and safety
    • Ford’s goal to reduce greenhouse gases and supply chain emissions by 76% and 50%, respectively, by 2035.
    • Driving automation: Prioritizing safety through things like driver engagement monitoring and feedback strategies.

EV Charging Networks

  • EV charging for commercial fleets
    • Growing infrastructure while providing savings and reduced maintenance costs.
    • Commercial customers may not be at the same adoption stage as enterprise customers.
    • Partnerships with charge point operators (CPOs) and developers for fleets and dual-use trucking clubs crucial for adoption.
    • Collaboration among industry groups and OEMs is crucial for successful implementation.
    • OEMs need to adapt relationships with commercial fleets to change the EV landscape and prioritize optimization and uptime.
  • EV charging tech and standards
    • Government agencies investing in infra; OEMs can participate by treating stations like vending machines to generate revenue.
    • Consumer feedback is crucial in location identification – providing this to CPOs can help them make more profitable decisions.
  • Challenges
    • Standardization and interoperability; and relatedly, collaboration between policymakers, regulators and industry players for the democratization of infra.

Monolithic Power Systems: Innovation in Power Management for SDVs 

  • Software-defined vehicles (SDVs) and electrification
    • Electrification requires fundamental changes in architecture and mindset – helping to drive SDV.
    • In fact, SDV is becoming the foundation for electrification as it enables communication between vehicles, charging stations and the energy ecosystem.
    • Current limitations of today’s sensor technologies highlight the need for failsafe thinking and monitoring, especially in areas without camera coverage.
    • Digital cockpits and centralized compute systems could help further monetization beyond initial vehicle sales – present-day examples include Lane Keeping assistance and software subscriptions.
  • Consolidating processor types in vehicles
    • Evolution of automotive chips with a new consolidated ‘super chip’ expected to dominate – existing chips are limited with only top-of-the-line vehicles having advanced video processing; centralized processing still lacking.
  • Considerations around autonomous driving
    • Costs to developing in-house, need for tight coordination across software, power vendors and other stakeholders to evolve the ecosystem.
    • Potential for more frequency of use as ADAS advances also highlights the need for ensuring better reliability in automotive electronics with a 15-year lifespan, mid-lifecycle technology insertion.
  • Power management and redundancy in electronic systems
    • Aging is caused by three factors – voltage, current, and temperature.
    • Reliability, faster device creation, and scalability across entry-level to premium.
    • Power management in electronics design – intelligent power modules can help manage thermal issues, optimize for high-frequency systems, and provision the ‘battery front end.’
    • Importance of data gathering to enable machine learning to develop baseline models for aging electronic systems.

Electrification, Infrastructure, and Digital Transformation in the Automotive Industry

  • Electric Vehicle Adoption
    • Recognizing exposure to electric vehicles as pivotal in encouraging widespread adoption, emphasizing the need for awareness and education.
    • Underlining the vital role of infrastructure, encompassing reliable charging stations and seamless charging experiences, with a specific focus on accommodating multi-unit dwellings.
  • Software Development Challenges
  • Navigating the intricacies of electric vehicle technology and software development, exploring revenue streams through software-defined services like charging and dynamic car insurance.
  • Addressing the delicate balance between integrating with existing platforms (CarPlay/Android Auto) and crafting personalized end-to-end experiences, prioritizing customer data security and personalization.
  • Digital Transformation Strategies
    • Emphasizing collaboration and holistic strategies as the linchpin for successful digital transformation in the automotive sector.

Role of AI and ML in Optimizing Manufacturing Processes

  • Predictive Precision
    • Delving into the applications of AI and ML in predictive maintenance, quality control, and asset condition monitoring, ensuring operational efficiency.
    • Infrastructure Foundation: Stressing the importance of robust infrastructure as the bedrock for successful digital transformation, requiring thorough assessment and support.

General Motors International Update

– Global Expansion

  • Outlining General Motors’ strategic re-entry into Europe with an electric vehicle portfolio, leveraging past experiences for efficient global scale entry, with a focus on direct-to-consumer models.

– Market Strategies

  • Highlighting GM’s successful foray in Australia, unveiling plans to introduce Silverado and Corvette models, and positioning the company in the competitive global pickup truck market.

Advancing the In-cabin Experience Panel

  • HMI and Software Development for Electric Vehicles
    • Intuitive Design: Stressing the importance of presenting information in a simple and intuitive manner through Human-Machine Interface (HMI) for software-defined vehicles.
    • Catering to Diverse Needs: Recognizing the varied needs of different customer segments and geographies when designing infotainment systems, catering to Western and Chinese customer preferences.
    • Interactive Systems: Addressing the need for interactive and powerful systems adaptable to different consumer generations, citing customer surveys emphasizing the significance of HMI and infotainment systems in purchase decisions.
  • In-car Entertainment and Technology
    • Customer Engagement: Capturing customers’ excitement for software updates and immersive experiences, including VR gaming, live sports streaming, and personalized spaces for multi-generational families in China, enhancing in-car entertainment.

EV Battery Discussion

  • Battery Technology and Supply Chain Challenges
    • Cathode Innovations: Discussing the focus on cathode mineral selections as EV adoption surges, aiming for low-cost, fast-charging, and high thermal rate batteries.
    • Solid-state Batteries: Recognizing the potential of solid-state batteries in the industry, coupled with challenges in risk mitigation, efficiency improvement, fast charging, and stability.
    • Future Challenges: Addressing potential challenges arising from future battery demand outstripping supply, impacting costs and availability, emphasizing the need for scaling and infrastructure development.

Sustainability and Subscription Services

  • Long-term Sustainability
  • Emphasizing the significance of long-term strategies in the automotive sector, specifically concerning battery warranty and recycling efforts.
  • Subscription Service Potential
  • Exploring the potential of subscription services in the automotive industry, including innovative energy subscription packages for electric vehicles, aiming for enhanced customer experiences and sustainable practices.

Term of Use and Privacy Policy

Counterpoint Technology Market Research Limited


In order to access Counterpoint Technology Market Research Limited (Company or We hereafter) Web sites, you may be asked to complete a registration form. You are required to provide contact information which is used to enhance the user experience and determine whether you are a paid subscriber or not.
Personal Information When you register on we ask you for personal information. We use this information to provide you with the best advice and highest-quality service as well as with offers that we think are relevant to you. We may also contact you regarding a Web site problem or other customer service-related issues. We do not sell, share or rent personal information about you collected on Company Web sites.

How to unsubscribe and Termination

You may request to terminate your account or unsubscribe to any email subscriptions or mailing lists at any time. In accessing and using this Website, User agrees to comply with all applicable laws and agrees not to take any action that would compromise the security or viability of this Website. The Company may terminate User’s access to this Website at any time for any reason. The terms hereunder regarding Accuracy of Information and Third Party Rights shall survive termination.

Website Content and Copyright

This Website is the property of Counterpoint and is protected by international copyright law and conventions. We grant users the right to access and use the Website, so long as such use is for internal information purposes, and User does not alter, copy, disseminate, redistribute or republish any content or feature of this Website. User acknowledges that access to and use of this Website is subject to these TERMS OF USE and any expanded access or use must be approved in writing by the Company.
– Passwords are for user’s individual use
– Passwords may not be shared with others
– Users may not store documents in shared folders.
– Users may not redistribute documents to non-users unless otherwise stated in their contract terms.

Changes or Updates to the Website

The Company reserves the right to change, update or discontinue any aspect of this Website at any time without notice. Your continued use of the Website after any such change constitutes your agreement to these TERMS OF USE, as modified.
Accuracy of Information: While the information contained on this Website has been obtained from sources believed to be reliable, We disclaims all warranties as to the accuracy, completeness or adequacy of such information. User assumes sole responsibility for the use it makes of this Website to achieve his/her intended results.

Third Party Links: This Website may contain links to other third party websites, which are provided as additional resources for the convenience of Users. We do not endorse, sponsor or accept any responsibility for these third party websites, User agrees to direct any concerns relating to these third party websites to the relevant website administrator.

Cookies and Tracking

We may monitor how you use our Web sites. It is used solely for purposes of enabling us to provide you with a personalized Web site experience.
This data may also be used in the aggregate, to identify appropriate product offerings and subscription plans.
Cookies may be set in order to identify you and determine your access privileges. Cookies are simply identifiers. You have the ability to delete cookie files from your hard disk drive.

Counterpoint Quarterly


Table of Content