battery electric vehicle Archives

All Charged Up: EV Battery Sales Soar 54% YoY in H1, CATL Leads

Chinese battery suppliers held nearly two-thirds of the EV battery market.
Tesla, BYD and Volkswagen installed nearly 45% of total EV batteries in H1 2023.
Annual EV battery demand is expected to reach 4TWh in 2030.

London, New Delhi, Boston, Denver, Beijing, Hong Kong, Seoul, Taipei, Toronto – November 8, 2023

The global EV* battery capacity sold in H1 2023 grew 54% YoY to reach over 300GWh, according to the latest research from Counterpoint’s Global EV Battery Tracker. During this period, global EV sales also experienced a substantial 43% YoY growth. CATL led the EV battery market, with BYD and LG Energy Solutions trailing by some distance. These top three companies collectively accounted for nearly two-thirds of the market in H1 2023. The leading regions in terms of EV battery installations were China, US and Europe.

Commenting on the market dynamics, Senior Analyst Soumen Mandal said, “The EV battery ecosystem is undergoing rapid transformation. Over the next few years, numerous new battery suppliers, such as ACC, Verkor, Northvolt and E4V, are expected to secure a substantial presence within the battery supply chain. Apart from specialist battery suppliers, automakers such as Tesla, Volkswagen, BMW, Mercedes-Benz and Stellantis are also working on in-house cell and pack manufacturing, which will make the battery supply chain even more competitive.”

Mandal added, “Currently, Chinese and South Korean suppliers dominate the industry. Chinese companies like CATL, BYD, CALB, Gotion, Sunwoda and Farasis collectively hold two-thirds of the market, while the three major South Korean players – LG Energy Solution, Samsung SDI and SK Innovation – account for around 25% market share. As EV sales gain momentum in various parts of the world, countries will try to establish self-sustaining battery supply chains. This will allow local industry participants to thrive while forcing some players to exit the market due to heightened competition.”

Automakers Tesla, BYD and Volkswagen accounted for nearly 45% of the total EV battery capacity sold in H1 2023. The surging sales of Tesla’s Model 3 and Model Y have played a pivotal role in driving the growth of CATL and LG Energy Solutions. CATL supplies batteries for the standard versions of the Model 3 and Model Y manufactured at Tesla’s Shanghai factory, while LG Energy Solutions serves as the primary battery supplier for the performance versions of the Model 3 and Model Y. On the other hand, Hyundai, Kia and Ford‘s EVs have played an active role in boosting the market share of SK Innovation, while Rivian and BMW predominantly rely on Samsung SDI as their battery supplier. In the North American region, Panasonic holds a key position as the primary supplier of batteries for Tesla models.

Commenting on the market outlook, Research Vice President Peter Richardson said, “In H1 2023, the average battery capacity of EVs stood at 50kWh. The rising sales of small, compact and mini EVs, particularly in China, are expected to maintain the average battery capacity in the range of 65kWh to 70kWh by 2030. Consequently, we expect that the total EV-driven battery demand will reach 4TWh in 2030.”

Richardson added, “The increasing demand for batteries, coupled with geopolitical tensions, is exerting upward pressure on the prices of lithium, a primary component of EV batteries. As an alternative, battery suppliers are looking for different chemistries like sodium-ion (NA-ion) that could drive down the cost of batteries and make EVs more affordable. CATL has already achieved a breakthrough in sodium-ion battery chemistry, and we expect to see the mass adoption of such batteries very soon. Since the low energy density of NA-ion compared to lithium-ion doesn’t make it suitable for performance EV models, we expect to see higher usage of NA-ion batteries in electric two-wheelers, three-wheelers and small passenger cars. A model of Chery’s iCar brand is expected to be equipped with CATL’s sodium-ion battery and go on sale in early 2024. On the other hand, solid-state batteries are still under development and will take some time before becoming available commercially. Making solid-state batteries affordable is the main challenge.”

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

Background

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.

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SoftBank’s Investment to Drive Mapbox’s AI-based Map, Location Services

Mapbox has received $280 million in Series E funding from SoftBank.
The latest investment will enhance AI-powered map and location services.
Riding on the generative AI wave, Mapbox has launched AI voice assistant MapGPT.

Many industries are grappling with the question of how best to exploit the power of AI and, in particular, generative AI. The location industry is no different. Last year, we saw the introduction of HERE’s AI-powered Unimap, which kickstarted the race among digital mapmakers. SoftBank, which has been an active investor in AI ventures, has poured $280 million into a Series E funding round of Mapbox recently. Earlier, the map company had raised a total of $360 million since its inception in 2011, with $160 million coming from SoftBank in 2017 to help Mapbox’s expansion in new industries and regions. The recent investment from SoftBank can be seen as another AI-centric bet in its portfolio to support Mapbox’s efforts to develop its own AI-based map and related location services.

Let us have a look at Mapbox’s current offerings in the automotive industry and how its new AI-powered products are addressing the challenges posed by ADAS and electrification:

Mapbox Autopilot Map works by combining data from vehicle sensors with maps. Using AI, the system detects the changes in the road when enough vehicles have passed through a certain point and then integrates the changes into the Autopilot Map. This keeps the map fresh and improves the coverage as Mapbox customers drive billions of miles every week. The update process is very bandwidth efficient as the tile that includes the data gets updated instead of downloading the whole map. This also means the maps get updated at a very low cost.

Mapbox for EV is a service that addresses the flawed EV experience for customers, OEMs and the charging point operators (CPOs). Mapbox offers three EV products to address these three stakeholders. Mapbox EV Routing service takes account of the in-vehicle battery system and monitors energy consumption patterns to predict the range of the vehicle by considering the vehicle type, road elevation and weather conditions. Mapbox EV Charging service tracks the real-time availability of charging stations and offers secure integrated payments. Using its AI and ML technology, the company collects data on energy consumption patterns, availability, compatibility and performance of the charging station. This allows OEMs to get insights into the overall EV experience and provide a seamless driving experience by partnering with CPOs.

Jumping on the generative AI bandwagon, Mapbox has introduced MapGPT, a location-aware conversational AI service. MapGPT is based on live data and location services from Mapbox. It can have in-depth and richer conversations about real-time traffic, POIs, road networks and navigation. MapGPT uses Large Language Models (LLMs) from ChatGPT3.5 and ChatGPT 4.0 when connected to the internet, while the offline MapGPT uses a Tiny Large Language Model (LLM) from Mapbox. MapGPT comes with plugins which are also called “actions” with third-party integrations for music and restaurants. It is highly customizable as it allows custom actions like cabin temperature. OEMs can also integrate their own LLM into MapGPT. Customizations for voice, personality, animated avatar and wake word are also available. Mapbox has announced partnerships with a Japanese payment service called PayPay which allows drivers to purchase and pay for services.

Analyst take

Over the years, Mapbox has emerged as a developer-focused location platform with excellent graphics rendering capabilities. With its open-source and modular architecture, the company is posing a serious challenge to the incumbents. Mapbox secured the fourth position in Counterpoint’s Location Platform Effectiveness Scorecard 2022.

The recent funding is expected to help Mapbox in the following ways:

Expansion in automotive industry: The company has managed to pivot well into the automotive business by acquiring customers like BMW, Toyota and General Motors for its navigation services. However, carmakers are experiencing a paradigm shift led by technological innovations like electrification and autonomy. They are struggling to offer best-in-class solutions for EV driving or assisted driving as both these rely on highly accurate location-based data. Realizing this gap, Mapbox wants to bring AI into most aspects of mapping and navigation to offer intelligent maps leveraging the growing number of data points they are receiving. The company will be putting more resources into building maps (ISA, ADAS/AD) and services (EV routing, Charging Points and Payments) contextualized data to address the challenges posed by ongoing trends like autonomy and electrification. BMW Mini EV will be equipped with Mapbox technology including EV services.

First-mover advantage: Different players across the automotive value chain are looking at various use cases to integrate generative AI in the car, one of them being the personal assistant. Since the emergence of ChatGPT, only a handful of companies have explored the generative AI potential to elevate the cockpit experience. Hence, through MapGPT, the company is drawing the attention of automakers to create fully customized voice assistants capable of having natural and richer conversations. Mapbox is well-positioned to marry its location-based services like navigation to build customizable intelligent AI voice assistants for natural and rich conversations on the go. Having a first-mover advantage, the company can seek partnerships with automakers, Tier-1 players and even semiconductor companies like Qualcomm and Nvidia to customize its MapGPT based on their chips.

Growth and valuation: Mapbox has raised a more than $600 million over eight rounds of funding since its inception. In 2021, the company was in talks to go public through a SoftBank-backed SPAC at a valuation of $2 billion. However, Mapbox decided to remain private. Riding on the AI hypercycle, Mapbox’s valuation is expected to go higher. This increased valuation will likely attract further investments and partnerships.

SE Asia Becomes World’s Hottest EV Market As Asian OEMs Take Pole Position

SE Asia was the hottest major EV market globally in Q2, growing nearly 10X YoY driven by key countries in Indochina
BYD took top position in unit sales share followed closely by domestic market favorite Vingroup
Chinese OEMs advanced the most, underscoring strong demand for lower-tier price segments

Hong Kong, Jakarta, New Delhi, London, Boston, Seoul – September 21, 2023

According to Counterpoint Research’s latest SE Asia Passenger Electric Vehicle Tracker, Q2 2023 battery electric vehicle (BEV) unit sales in the region grew by 894%, driven by strong demand across Thailand, Vietnam, Indonesia, and Malaysia.

Base effects are in play as markets are very early stage, but significant progress is being made with EV share of overall passenger vehicle sales rising to over 6% during the quarter, with key Asian OEMs capitalizing on strong initial demand.

Passenger EV* Unit Sales Share and YoY Growth by Auto Group

Source: Counterpoint Research SE Asia Passenger EV Tracker. *Battery electric vehicles (BEV) only.

“What we’re seeing is just the beginning with SE Asia’s biggest markets starting to scale. It’s happening as government efforts to promote electrification dovetail with a flurry of products coming online that might not be budget, but are a lot more accessible to more buyers in the region,” says Soumen Mandal, Senior Analyst for Automotive. “Vietnam and Thailand are great examples, with automakers introducing lower-priced models targeting the broadest range of consumers.”

“The result has been a big decline in prices over the past year as OEMs like Vinfast and BYD introduced cars with better sticker appeal. Comparing the top 5 best sellers YoY, prices have come down over 20%.”

Chinese OEMs are set to become the biggest beneficiary of SE Asia’s appetite for EVs over the short term, and Thailand will be a hot spot as this new breed of automakers sets up shop in the Kingdom – the region’s auto manufacturing hub; traditional players like Toyota are leaving the door open as they falter in the transition to EVs.

“There’s a big window of opportunity especially for someone like BYD, which has enjoyed a massive home market head start,” notes Ivan Lam, Senior Analyst for Manufacturing. “Scale and end-to-end manufacturing prowess gives it a competitive advantage few EV players can match – affordable cars, robust supply, more frequent product launches. This might not sound exciting in terms of traditional combustion engine vehicles, but in EVs, it’s revolutionary.”

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US BEV Sales Up 57% in Q2 2023, Rising Inventories Pose Challenge

Every second BEV sold in the US in Q2 2023 was a Tesla.
BEV sales by foreign brands more than doubled YoY to 81,000 units.
Annual BEV sales are expected to exceed 1 million units by the end of 2023.

New Delhi, London, San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – September 4, 2023

US passenger battery electric vehicle* (BEV) sales grew 57% YoY in Q2 2023, according to the latest research from Counterpoint’s US Passenger Electric Vehicle Model Sales Tracker. The US maintained its status as the second-largest BEV market, a position it achieved by surpassing Germany in the previous quarter. BEVs constituted more than 7% of total passenger vehicle sales in the US in Q2. During H1 2023, Tesla’s tally exceeded the combined BEV sales of the next 14 automotive groups by 122,000 vehicles.

Commenting on the market dynamics, Research Analyst Abhik Mukherjee said, “Building on the existing momentum, the US automotive industry maintained its upward trajectory in Q2 2023. Total passenger vehicle sales surged by over 16% YoY. BEV sales are on the rise, driven by the EV tax credit and increasing environmental awareness among consumers. US-based brands like Tesla, GM, Ford, Rivian, Lucid and Karma captured nearly three-quarters of total BEV sales. Among foreign-origin brands operating in the US, European manufacturers claimed the largest market share, followed by South Korean and Japanese brands. Total BEV sales by brands of foreign origin, such as Hyundai Kia, Volkswagen Group, Mercedes-Benz, BMW, Volvo, Toyota, Subaru, Jaguar and Land Rover, jumped by more than 100% YoY to nearly 81,000 units.”

The top five best-selling BEV models in the US accounted for more than 60% of the market’s overall BEV sales during the quarter. Tesla’s Model Y and Model 3 together accounted for 55% of the BEV market. The Rivian R1T emerged as the third best-selling model during Q2 2023. This is the first time a Rivian model has secured a position in the top five since the introduction of its first vehicle in late 2021.

Commenting on the market outlook, Research Director Jeff Fieldhack said, “If the current growth trajectory continues, annual BEV sales in the US will exceed 1 million units by the end of 2023. However, rising inventories are expected to become a problem for automakers. EV-related investments by auto OEMs are rapidly growing across the North American continent. These investments, which cover EV production ramps, components and battery, and charging infrastructure, have already crossed $100 billion. Most EV brands are preparing to launch new models or update existing models from 2024 onwards. To address the inventory challenges, OEMs will either need to reduce prices or limit production, both of which will hurt their financial performance.”

*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brand/company.

The comprehensive and in-depth ‘US Passenger Electric Vehicle Sales Tracker, Q1 2018-Q2 2023’ is now available for purchase at report.counterpointresearch.com.

Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.

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Southeast Asia BEV Sales Grow 10x YoY in Q1 2023, Thailand Leads

Thailand accounted for over 75% of BEV sales in the SEA region during Q1 2023.
Three out of every four BEVs sold were from a Chinese automaker.
The top three groups accounted for 68% of BEV sales.
BYD’s Atto 3 was the best-selling BEV.

New Delhi, London, San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – July 20, 2023

Southeast Asia’s^# (SEA’s) passenger battery electric vehicle (BEV) sales* grew by almost 10 times YoY in Q1 2023, according to the latest research from Counterpoint’s SEA Passenger Electric Vehicle Model Sales Tracker. The share of BEVs in total passenger vehicle sales experienced significant growth in Q1 2023, reaching 3.8% compared to a mere 0.3% one year ago. Thailand emerged as the leading country, capturing over 75% of the BEV sales, followed by Indonesia and Vietnam. Thailand also boasted the highest proportion of BEVs in total passenger vehicle sales, followed by Singapore and Vietnam. However, plug-in hybrid electric vehicle (PHEV) sales saw a modest YoY growth of 5.8%.

Commenting on the market dynamics, Research Analyst Abhilash Gupta said, “Thailand’s government-led efforts to promote EV sales have yielded positive outcomes, while Indonesia and Vietnam are also performing well in the region. However, Malaysia, Philippines and Myanmar require additional regulatory support and encouragement to foster EV growth. Despite overall passenger vehicle sales remaining relatively stagnant, the sales of BEVs have experienced a significant and rapid expansion. Besides, the market for hybrid electric vehicles (HEVs) has experienced remarkable growth in SEA, playing a pivotal role in the transition from traditional internal combustion engine (ICE) vehicles to EVs.”

Gupta added, “Chinese auto groups are experiencing rapid growth and outpacing their competitors in the SEA region, with their market share increasing from 38% a year ago to nearly 75%. In Q1 2023, BYD Group emerged as the BEV leader in the SEA region, capturing the majority of sales, followed by Hozon New Energy, and SAIC Group. These top three groups collectively accounted for over 68% of the BEV market. In the PHEV market, Geely Holding Group claimed the top position, followed by BMW Group, and Mercedes-Benz Group.”

BYD’s Atto 3 was the best-selling BEV across SEA, followed by the Neta V and Tesla Model Y. In PHEVs, Volvo’s XC60 sold the most, followed by the BMW 3 series and Mercedes-Benz E-Class.

Commenting on the market outlook, Senior Analyst Soumen Mandal said, “In addition to offering subsidies and tax incentives, Thailand’s government has set ambitious goals to position itself as a global hub for EV production. The country’s EV sector has witnessed a significant rise in foreign direct investment (FDI) in the past year. Notably, several Chinese automakers, including Great Wall Motors, BYD, Hozon New Energy and Changan Automobile, have shown interest in establishing or have already commenced the construction of production facilities in Thailand. Similarly, Indonesia announced a subsidy package in March 2023 to promote the purchase and manufacturing of EVs, with a special focus on increasing local production. This move is expected to further accelerate the production and sales of EVs in the region.”

Mandal added, “The Chinese presence in the SEA EV market is poised to strengthen as they establish regional manufacturing bases, thereby driving further growth in the EV sector. The overall sales of EVs are experiencing an upward trajectory in the SEA region. The outlook appears promising, and there is an expectation that the share of BEVs in total vehicle sales will reach 6% by the end of this year.”

*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brands/companies.

^#SEA here includes Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

The comprehensive and in-depth ‘Southeast Asia Passenger Electric Vehicle Model Sales Tracker, Q1 2018 – Q1 2023’ is now available for purchase at report.counterpointresearch.com.

Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.

Background

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.

Analyst Contacts

Abhilash Gupta

Soumen Mandal

Abhik Mukherjee

Peter Richardson

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European EV Sales Increased Over 13% YoY in Q1 2023 with Tesla Model Y as Bestseller

EV sales penetration dropped to 18.4% in Q1 2023 from 27.6% in Q4 2022
Tesla Model Y was the best-selling EV model across all major countries except Spain.
EV sales penetration is expected to exceed 25% again by the end of the year.

London, New Delhi, San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – July 5, 2023

Europe’s passenger electric vehicle* (EV) sales increased by more than 13% YoY in Q1 2023, according to the latest research from Counterpoint’s Europe Passenger Electric Vehicle Model Sales Tracker. While overall passenger car sales in Europe are showing signs of improvement, they have not yet reached pre-COVID-19 levels. In terms of overall EV sales, Germany led the pack, closely followed by the UK, France, Italy, the Netherlands and Norway. Meanwhile, the share of EVs in total passenger vehicle sales was the highest in Norway and the Netherlands.

In Q1 2023, Battery EV (BEV) sales jumped 32% YoY while plug-in hybrid EV (PHEV) sales declined 13% YoY. Consequently, the EV share of total passenger vehicle sales declined during the quarter from that a year ago.

Meanwhile, there has been notable progress in the European market for Hybrid EVs (HEV) and mild-hybrid EVs (MHEVs). This indicates that Europe is making efforts to tap into the lower-end EV market while simultaneously developing battery ecosystems and fostering a circular economy. These initiatives are being undertaken before placing a stronger emphasis on pure EV sales.

Commenting on the market dynamics, Senior Analyst Soumen Mandal said, “In Q1 2023, most European EV sales were captured by the top five automotive groups – Volkswagen Group, Tesla, Stellantis, Mercedes-Benz and Hyundai-Kia. They accounted for nearly two-thirds of the market share. When it comes to pure electric vehicles (BEVs), Tesla holds the second position, slightly behind Volkswagen. In the plug-in hybrid electric vehicle (PHEV) market, Volkswagen takes the lead, followed by Mercedes-Benz and BMW.”

“Chinese EV manufacturers struggled to increase their market share in Europe during the quarter. However, MG, BYD, NIO, ORA and Aiways managed to improve their sales compared to the previous year. On the other hand, LYNK & CO, Hongqi and Xpeng faced challenges in the European market. Nevertheless, we expect Chinese automakers to be able to enhance their market share in the coming quarters by offering cost-effective vehicles with advanced features, as the EV market is expected to perform better.”

The top-selling EV model during Q1 2023 was the Tesla Model Y, followed by the Volvo XC40, Tesla Model 3, Volkswagen ID.3, and Audi Q4 e-tron. These top five models account for nearly a quarter of the total shipments. The Tesla Model Y dominates the market across major European countries, demonstrating Tesla’s strong brand presence in the region, except in Spain where it faces more competition.

Discussing the market outlook, Research Vice President Peter Richardson said, “The penetration of EVs in total passenger vehicle sales in Europe experienced a decline this quarter, dropping to 18.4% from 27.6% in Q4 2022. This is a significant shift compared to the previous trend of continuous QoQ growth. Except France, all major countries experienced this decline during Q1 2023.”

“Several factors contributed to this decline, including the unstable economic conditions and the removal of EV subsidies by Norway. Germany, the largest EV market in Europe, experienced a decline as the looming recession and cautious consumer spending hurt the EV market. These circumstances impacted the overall adoption of EVs in the region. However, since April, the European region has shown signs of recovery. As a result, we expect the share of EVs to rebound and surpass 25% again by the end of this year.”

*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brands/companies.

*The countries in this study include Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, the UK and Ukraine.

*For EVs, we consider only BEVs and PHEVs. Hybrid EVs and fuel cell vehicles (FCVs) are not covered by this study.

The comprehensive and in-depth ‘Europe Passenger Electric Vehicle Sales Tracker, Q1 2018-Q1 2023’ is now available for purchase at report.counterpointresearch.com.

Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.

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Analyst Contacts

Abhik Mukherjee

Soumen Mandal

Neil Shah

Peter Richardson

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Global EV Sales Up 32% YoY in Q1 2023 Driven by Price War

One in every seven cars sold during Q1 2023 was an EV.
Tesla Model Y becomes the best-selling passenger car model globally for the first time ever.
EV sales are expected to reach over 14.5 million units by the end of 2023.

New Delhi, London, San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – June 7, 2023

Global passenger electric vehicle* (EV) sales in Q1 2023 rose 32% YoY, according to the latest research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker. One in every seven cars sold during Q1 2023 was an EV. Battery EVs (BEVs) accounted for 73% of all EV sales during the quarter, while plug-in hybrid EVs (PHEVs) made up the rest.

The US surpassed Germany to become the world’s second-largest EV market in Q1 2023 while China remained the leader. In China, EV sales experienced a remarkable 29% YoY growth, despite a 12% decline in overall sales of passenger vehicles in the country. In the US, EV sales soared over 79% YoY during the quarter. The top 10 automotive groups, encompassing 48 automotive brands, dominated the global EV market in Q1 2023, capturing three-fourths of the total global EV sales.

Commenting on the market dynamics, Research Analyst Abhik Mukherjee said, “Global EV sales were largely driven by China with 56% of total EV sales in Q1 2023 coming from this market. The elimination of the NEV purchase subsidy in China resulted in lower-than-expected EV sales in January 2023. Tesla slashed prices for its models globally in January, following which other automotive brands announced similar cuts for their car models starting in February, which led to an improvement in EV sales. During February and March, almost 40 automakers, including BYD, NIO, Xpeng, Volkswagen, BMW, Mercedes–Benz, Nissan, Honda and Toyota, reduced their vehicle prices by a couple of hundred dollars to tens of thousands of dollars, which eventually stoked a competitive price war in China. Initially, it was thought that the price war would end soon and that auto OEMs would benefit from increased sales. However, as the price war continues to stretch, several automakers in China have reported reduced earnings and even losses.”

The top 10 EV models accounted for 37% of the total passenger EV sales in Q1 2023. Tesla’s Model Y remained the best-selling model globally followed by Tesla’s Model 3 and BYD’s Song. In Q1 2023, Tesla’s Model Y achieved the notable distinction of becoming the best-selling passenger car model worldwide, surpassing even conventional fuel vehicles.

Commenting on the market outlook, Senior Analyst Soumen Mandal said, “Although sales of the traditional internal combustion engine (ICE) vehicles remained stable in Q1 2023 compared with that in the year-ago period, the significant growth in EV sales indicates a rapid transition from traditional vehicles to EVs.”

“By the end of 2023, global EV sales are expected to surpass 14.5 million units, according to our forecast. With the implementation of the EV tax credit subsidy in the US, EV sales in the country are projected to significantly increase this year. To meet the eligibility criteria for the tax credit, automotive OEMs are moving to partner with battery suppliers and establish battery manufacturing plants across North America. Consequently, the US is poised to surpass the EU in the race to build EV batteries.”

*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brand/company.

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

The comprehensive and in-depth ‘Global Passenger Electric Vehicle Sales Tracker, Q1 2018-Q1 2023’ is now available for purchase at report.counterpointresearch.com.

Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.

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Analyst Contacts

Abhik Mukherjee

Soumen Mandal

Neil Shah

Peter Richardson

Counterpoint Research

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Global Electric Vehicle Sales Crossed 10 Million in 2022; Q4 Sales up 53% YoY

EV sales during 2022 were over 10.2 million units, a 65% YoY growth.
7 out of the top 10 EV models were from Chinese brands in Q4 2022.
EV sales are expected to reach nearly 17 million units by the end of 2023.

New Delhi, London, San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – March 6, 2023

Global passenger electric vehicle* (EV) sales in Q4 2022 rose by 53% YoY to bring the 2022 total to over 10.2 million units, according to the latest research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker. During Q4 2022, battery EVs (BEV) accounted for almost 72% of all EV sales, while plug-in hybrid EVs (PHEVs) accounted for the rest. The top three EV markets were China, Germany and the US. The top 10 EV automotive groups, which hold more than 39 passenger car brands, contributed to almost 72% of all EV sales in Q4 2022.

Commenting on market dynamics, Research Analyst Abhik Mukherjee said, “EV sales were at an all-time high during Q4 2022. The annual total for 2022 would have reached close to 11 million units had fresh COVID-19 infections not surfaced in China. COVID-19 infections in China during November and December affected automotive production and sales and disrupted the component supply chain. Despite these headwinds, Chinese brands managed to record strong growth. In fact, in 2022, many Chinese brands started to expand in markets like Europe, Southeast Asia and Latin America. Chinese brands are likely to dominate in Southeast Asia and Latin America as there are very few brands operating in these regions. But a fight for market presence is expected in Europe.”

The top 10 EV models accounted for one-third of the total passenger EV sales in Q4 2022. Tesla’s Model Y remained the best-selling model globally followed by BYD’s Song. The Model Y also became the top-selling model in Europe for two consecutive months in Q4 2022. 7 out of the top 10 best-selling EV models in Q4 2022 were from BYD and Wuling. These two brands predominantly operate in China, highlighting the positive evolution of the country’s EV market.Discussing the market outlook, Senior Analyst Soumen Mandal said, “EVs are becoming mainstream faster than expected. By the end of 2023, EV sales are expected to reach nearly 17 million units. This year, the US’ EV sales will see a boost as models become slightly more affordable due to the $7,500 tax credit. The end of the purchase subsidy in China might push EV manufacturers to increase their prices. BYD has already implemented one price hike in January. But these price hikes are unlikely to affect EV sales in one of the most matured EV markets. Lithium prices are also expected to come down during the second half of 2023, which will benefit EV sales.”

*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brands/companies.

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

The comprehensive and in-depth ‘Global Passenger Electric Vehicle Sales Tracker, Q1 2018-Q4 2022’ is now available for purchase at report.counterpointresearch.com.

Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.

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Analyst Contacts

Abhik Mukherjee

Soumen Mandal

Neil Shah

Peter Richardson

Counterpoint Research

press@counterpointresearch.com

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BYD Widens Gap with Tesla in Q3 2022, Leads Global EV Market

Three of the top five best-selling EV brands in Q3 2022 were from China.
The top 10 EV models accounted for more than 35% of global EV sales.
EVs constituted over 15% of the world’s passenger vehicle sales in Q3 2022.

New Delhi, London, San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – December 1, 2022

Global passenger electric vehicle* (EV) sales grew 71% YoY in Q3 2022, according to the latest research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker. In total EV sales, battery EVs (BEVs) accounted for almost 74% and plug-in hybrid EVs (PHEVs) the rest. China remained the market leader in EV sales, followed by Europe and the US. China’s EV sales increased by over 100% YoY to exceed 1.7 million units from just 0.88 million units in Q3 2021. BYD Auto continued to lead the global EV market during the quarter. The Chinese automaker also managed to widen its gap with the second-placed Tesla.

Commenting on the market dynamics, Senior Analyst Soumen Mandal said, “As semiconductor supplies ease, together with better availability of raw materials for batteries, global EV sales are increasing. Among nations, China is dominating the global EV market single-handedly. Three of the top five best-selling EV brands are from China. All three brands operate predominantly in China, highlighting the China EV market’s positive evolution.”

Market Summary

BYD Auto remained the global market leader, shipping more than 537,000 EV units, an increase of 197% YoY. Its top three models – BYD Song, BYD Qin and BYD Han – contributed to over 56% of the company’s sales during the quarter. BYD’s overseas operations have been picking up fast; it sold almost 17,000 EV units across various regions including Europe, Latin America, Southeast Asia, Middle East and Africa, and Oceania in Q3 2022.

Tesla’s global sales grew 43% YoY in Q3 2022 to over 343,000 units. The company saw increased demand for its vehicles in Europe this quarter. The smoothing production ramp in its Berlin factory helped deliver a record number of Model Ys in Germany this quarter. However, deliveries fell short of expectations due to logistics bottlenecks.

Wuling grew by 31% YoY to hold the third rank in the global EV market. The brand’s Hongguang Mini EV model has remained the undisputed market leader since its release in the second half of 2020. Mini-electric car sales in China are high as they cost less, are eligible for subsidies and serve the purpose.

Volkswagen’s EV sales increased by 28% YoY to recover from their Q2 dip. The ID.4, ID.3 and ID.6 series had the top-selling Volkswagen models during the quarter. The company showed impressive results in China with its EV sales growing 79% YoY and 35% QoQ. Although the brand’s sales in Europe and the US recovered sequentially, neither region registered YoY growth.

GAC Motor emerged as the fifth top-selling brand, overtaking BMW and Mercedes-Benz. During Q3 2022, GAC sold more than 85,000 units to record a YoY growth of 145%. GAC spearheaded its Aion series, with the Aion Y as the top-selling model. The company operates only in China.

Chinese EV brands are making strong and steady progress. BMW has been pushed to sixth place by GAC Motor. Other brands like NIO, Xpeng, Lynk & Co and Geometry have started building a strong global presence, whereas traditional European automakers like Audi, Volvo, Peugeot and Renault are struggling to keep up with the competition. Among the top 25 EV brands in Q3 2022, 14 were from China.

The top 10 EV models accounted for more than 35% of global EV sales in Q3 2022. Tesla’s Model Y remained the best-selling EV model. Six out of the top 10 best-selling EV models were from BYD Auto.

Commenting on the market outlook, Research Vice President Peter Richardson said, “EVs represent a growing share of global passenger vehicle sales. Currently, EVs account for more than 15% of global passenger vehicle sales. EVs are becoming the preferred choice for first-time car buyers across developed regions. This is also encouraging new players to enter the market. In addition, different battery chemistries that require little or no lithium are also being developed, with the new technologies promising similar or better efficiency compared to existing ones.”
*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brands/companies.

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

The comprehensive and in-depth ‘Global Passenger Electric Vehicle Sales Tracker, Q1 2018-Q3 2022’ is now available for purchase at report.counterpointresearch.com.

Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.

Background

Analyst Contacts

Soumen Mandal

Neil Shah

Peter Richardson

Counterpoint Research

press@counterpointresearch.com

Related Reports:

Global EV Sales up 61% in Q2 2022; BYD Leads Market

Global passenger electric vehicle (EV) sales* reached 2.18 million units in Q2 2022.
BYD Auto overtook Tesla to become the top-selling EV brand globally.
The top 10 EV models accounted for more than 30% of global EV sales in Q2 2022.

New Delhi, London, San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – August 29, 2022

Global passenger electric vehicle* (EV) sales grew 61% YoY to reach 2.18 million units in Q2 2022, according to the latest research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker. In total EV sales, battery electric vehicles (BEVs) accounted for almost 72% and plug-in hybrid electric vehicles (PHEVs) for the rest. China remained the market leader in EV sales, followed by Europe and the US. China’s EV sales increased by almost 92% YoY in Q2 2022 to reach 1.24 million units from just 0.64 million units in Q2 2021.

Commenting on the market dynamics, Senior Analyst Soumen Mandal said, “As the global semiconductor shortage has eased a bit, automakers are able to cater to the increasing demand for EVs. Moreover, EV sales would have been higher if China had not experienced fresh COVID-19 outbreaks during March. Stringent lockdowns in and around major provinces halted the production ramp-up during April, which resulted in China’s passenger vehicle market recording its biggest drop since the COVID-19-hit March 2020. The situation improved only after lockdowns were lifted during the latter half of May. The second half of 2022 is expected to deliver better results, but economic downturns, energy crisis, supply chain bottlenecks and rising geopolitical tensions may hinder the growth of China’s automotive market, especially EVs.”

Market Summary

BYD Auto: For the first time, BYD Auto became the top-selling EV brand, dethroning Tesla. During Q2 2022, BYD Auto shipped more than 354,000 EV units, an increase of 266% YoY. The company officially stopped production and sales of internal combustion engine vehicles in March 2022 and has been focusing on the development of BEVs and PHEVs. More than 60% of BYD’s sales during the quarter came from its top three models – BYD Song, BYD Han and BYD Qin. The company is slowly penetrating the European market. It has already begun operations in Norway and is looking to start business in Germany, Sweden and the Netherlands.

Tesla: Tesla’s global sales during Q2 2022 grew 27% YoY to over 254,000 units, falling short of expectations. Although business in the US increased, its China business was affected by COIVD-19 shutdowns. Tesla sold just 98,000 cars in China during Q2 2022. Cumulative sales in China during April and May fell by 49% YoY. This was the lowest for the automaker since the COVID-19-hit 2020. But its sales during June improved by almost 115% YoY. Despite COVID-19 clouding Tesla’s Q2 sales, it remained the global leader in the BEV segment.

Wuling: The joint venture between SAIC, GM and Wuling has proved to be a success as the Wuling Hongguang Mini EV is the best-selling EV model in China. The model has been the undisputed market leader since its release in the second half of 2020. During Q2 2022, Wuling grew by 16% YoY to hold the third rank in the global EV market.

BMW: BMW’s EV sales during Q2 2022 increased by 18% YoY. The company has a more prominent presence in the PHEV segment. However, its BEV sales experienced a higher QoQ growth rate (18%) in Q2 2022 compared to its PHEV sales (2%). BMW’s aim to have 2 million BEV units on the road by the end of 2025 is motivating it to make significant developments in the EV category. The BMW X3 and i-series models are spearheading the company’s push in the BEV segment, while the 5-Series, 3-Series and X5 models are doing the same in the PHEV segment.

Volkswagen: Volkswagen’s EV sales declined 9% YoY in Q2 2022. Its shipments across Europe and the US declined by 44% YoY and 74% YoY, respectively. Bottlenecks in the supply of semiconductors and other automotive components due to Russia’s invasion of Ukraine, together with rising inflation, pushed EV sales down in these two markets. However, sales in China grew 115% YoY in Q2 2022. Apart from the supply chain crisis, the company’s internal issues and failure to develop new proprietary software for its vehicles are impacting the company’s EV shipment targets.

Source: Counterpoint Research Global Passenger Electric Vehicle Model Sales Tracker, Q1 2018 – Q2 2022

Discussing the reasons for the rise in EV sales, Research Vice President Neil Shah said, “Incentives play a crucial role in increasing EV adoption. For example, China’s strong incentive program for both automakers and consumers has helped the country become the global EV leader. China extended its consumer-side subsidies until 2023, even after deciding to end them in 2021. Moreover, China’s dual-credit policy for automakers has been a massive success and the government is planning to phase out consumer-side subsidies as its EV market reaches maturity. In contrast, lower subsidies in European countries have led to slow growth in EV sales. China’s EV market grew by over 90% YoY in Q2 2022, whereas Europe’s EV market increased by just 16% YoY. Rising EV sales in European nations have led to a discontinuation of many consumer-side subsidies on car purchases with the focus shifting to establishing improved charging infrastructure, including incentives for consumers to install charging points.”

Further commenting on EV subsidies, Shah said, “Recently, the US has brought a new EV policy which includes attractive incentives for both automakers and consumers. Benefits upto $12,000 are available for automakers and consumers on the purchase of a new EV. As a result, we expect to see an increase in EV sales in the US. Apart from these big markets, smaller markets like India, Japan, Thailand, South Korea and Malaysia have started providing various benefits for EV buyers and automakers either directly as a rebate in prices or tax exemption.”

The top 10 EV models accounted for more than 30% of global EV sales in Q2 2022. Tesla’s Model Y remained the best-selling EV model. Wuling’s Hongguang Mini EV moved up to the second place, pushing Tesla’s Model 3 to third place. The Hongguang Mini EV’s long streak of being the best-selling model in China was broken by the Model Y in June 2022. Six out of the top ten best-selling EV models during the quarter were from Chinese OEMs and are mostly only available in China.

Source: Counterpoint Research Global Passenger Electric Vehicle Model Sales Tracker, Q1 2018 – Q2 2022

Commenting on the market outlook, Research Vice President Peter Richardson said, “The automotive industry is unlikely to fully recover from the semiconductor shortages until 2023. We do not expect global passenger EV sales to exceed 10 million units in 2022 considering the COVID-19 outbreaks, production shutdowns due to the power crisis, component shortages and rising consumer price inflation.”

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

*Under electric vehicles (EVs), we are considering only battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). Hybrid electric vehicles and fuel cell vehicles (FCVs) are not included in this study.

The comprehensive and in-depth ‘Global Electric Passenger Vehicle Model Sales Tracker, Q1 2018 – Q2 2022’ is now available for purchase at report.counterpointresearch.com.

Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.

Background

Analyst Contacts

Soumen Mandal

Neil Shah

Peter Richardson

Counterpoint Research

press@counterpointresearch.com

Related Reports:

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