BEV Archives - Counterpoint

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.

Follow Counterpoint Research

press(at)counterpointresearch.com

China’s EV Makers Face Q2 2023 Domestic Slowdown as Overseas Markets Set to Overtake 10% Milestone

China’s EV market growth continued to slow, with Q2 2023 EV unit sales seeing a rise of only 37% YoY – lower than the global average
Strong results from four of China’s big 5 EV makers were offset by a mix of tepid and disappointing results across a range of key manufacturers
Chinese OEMs look prepped to expand globally, with share of global (ex-China) auto sales set to pass a significant 10% milestone in Q3 2023
SAIC Group and BYD Auto account for the bulk of exports, with the latter well positioned for long-term growth as it enters Europe in earnest later this year

Beijing, Hong Kong, London, New Delhi, Boston, Seoul – September 8, 2023

According to Counterpoint Research’s latest China Passenger Electric Vehicle Tracker, Q2 2023 battery electric vehicle (BEV) unit sales in the country grew only 37% YoY, lower than the global average of 50%, highlighting a slowdown in domestic growth as the frail Chinese economy impacted demand in the world’s biggest EV market.

BYD Auto and Tesla continued to dominate unfazed, accounting for more than one-third of domestic unit sales. But the market also saw GAC Group establish itself as a solid number three on the back of strong demand for its line of compact Aion sedan and hatchbacks as it aggressively reduced prices in the midst of a price war.

“We’re also seeing strong numbers from several mid-sized domestic players that are having success across a broad range of vehicles – from sub-compact city cars through to long-range luxury cruisers. But many automakers are struggling as the market eases,” notes Ethan Qi, Associate Director. “China’s a big market but there’s also a lot of small carmakers, so any kind of slowdown and you’re probably going to see some consolidation as weaker companies inevitably exit.”

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

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

Many Chinese OEMs are looking externally for growth and are gaining a foothold in markets like Europe and Asia. “If you exclude China, by far the biggest market for EVs globally is Western Europe. It’s not China, but growth has started to accelerate this quarter,” says Qi. “Right now it’s all about MG, the SAIC-owned British badge that’s spearheading Chinese growth in the region with its compact cars and SUVs. It’s filling a vacuum in the affordable segment, where traditional names are struggling to supply consumers with EVs in that $20,000 – $40,000 sweet spot. This is where Chinese brands have a lot of depth.”

Chinese OEM Overseas EV Sales and Market Share

Source: Counterpoint Research Global Passenger EV Tracker

BYD Auto is enjoying success across a diverse group of markets mainly in Asia, but it is gearing up for Europe growth with new models to be shipped into the region later this year.

Ivan Lam, Senior Analyst, Manufacturing, notes, “BYD has all the classic advantages of a Chinese tech company including scale and proximity to the supply chain. What makes them stand out even more is their vertical integration right through to the battery. This helps them dominate at home. And as they expand production outside China, it will also make them a serious threat to global competitors.”

“I wouldn’t be surprised if they’re able to grab a lot of share quickly because of the latent demand for affordable EVs in Europe. And a planned 2025 factory will only bolster their advantage over the long term,” muses Lam. “The maxim ‘If you can make it in China, you can make it anywhere’ really does apply here.”

Background

Analyst Contacts

Follow Counterpoint Research

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.

Background

Follow Counterpoint Research

press(at)counterpointresearch.com

Related Posts

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

Follow Counterpoint Research

press@counterpointresearch.com

Related Posts

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.

Background

Analyst Contacts

Abhik Mukherjee

Soumen Mandal

Neil Shah

Peter Richardson

Follow Counterpoint Research

press@counterpointresearch.com

Related Posts

China EV Sales Defy Subsidy Cuts, Maintain Strong Growth in Q1 2023

BYD continued to lead China’s increasingly competitive EV market.
The market share of foreign brands declined by 4% points.
EV sales are expected to exceed 8 million units in 2023.

Beijing, New Delhi, London, San Diego, Buenos Aires, Hong Kong, Seoul – June 27, 2023

China’s passenger electric vehicle* (EV) sales grew 29% YoY in Q1 2023, according to the latest research from Counterpoint’s China Passenger Electric Vehicle Model Sales Tracker. Battery EVs (BEVs) made up nearly 70% of the sales. There was a remarkable 88% YoY surge in plug-in hybrid EV (PHEV) sales as well. Recently, PHEVs have been experiencing increased popularity in China. BYD secured its leading position with 79% sales growth and 9.8% points increase in market share YoY. The top 10 automotive groups, encompassing 28 brands, collectively accounted for over 80% of the total passenger EV sales.

Commenting on the market dynamics, Senior Research Analyst Soumen Mandal said, “The discontinuation of the 13-year-old New Energy Vehicle (NEV) purchase subsidy, paired with the Tesla-triggered price war, had an adverse impact on domestic EV start-ups. Especially, smart EV brands such as NIO, Xpeng and Neta reported disappointing sales figures compared to the previous quarter. Foreign brands, like Volkswagen, BMW, Mercedes-Benz, Tesla, Hyundai and Nissan, experienced a combined 4% points decrease in market share compared to a year ago. However, Tesla stands out as an exception. Other foreign brands have struggled to offer strong competition to domestic brands. Furthermore, Chinese brands such as BYD Auto, Dongfeng Motors, FAW, Great Wall Motors and Geely Auto are venturing beyond domestic borders to establish their presence across Europe, Latin America and Asia-Pacific.”

Eight of the top 10 best-selling EV models were of Chinese origin in Q1 2023. Except Tesla, no foreign models were able to secure a position in the top 10. The top 10 best-selling models collectively accounted for 46% of China’s passenger EV sales. Moreover, all the top 5 best-selling PHEV models in Q1 2023 were manufactured by BYD Auto.

Discussing the market outlook, Associate Director Brady Wang said, “The growth trajectory of China’s passenger EV market is expected to continue throughout 2023. Other supportive policies have been implemented to boost the market’s growth after the elimination of NEV purchase subsidies. In May, China’s Development and Reform Commission released a strategic document aimed at promoting EV adoption in rural areas. This will encourage auto manufacturers to introduce more affordable models, enhance sales systems, and facilitate trade-in services for rural consumers. We expect China’s EV sales to exceed 8 million units by the end of 2023.”

*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 ‘China 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.

Background

Analyst Contacts

Soumen Mandal

Neil Shah

Brady Wang

Counterpoint Research

press@counterpointresearch.com

US EV Sales Up 79% YoY in Q1 2023 Helped by Tax Credit Subsidy

Tesla sold more EVs than the next 18 automotive groups combined in Q1 2023.
Brands like Hyundai, Audi, BMW, Volvo and Nissan remain ineligible for the EV tax credit.
US EV sales expected to reach near 1.5 million units in 2023 if economic conditions continue to improve.

New Delhi, London, San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – June 15, 2023

US passenger electric vehicle* (EV) sales soared over 79% YoY in Q1 2023, according to the latest research from Counterpoint’s USA Passenger Electric Vehicle Model Sales Tracker. This strong growth helped the US surpass Germany to become the world’s second-largest EV market, the largest being China. Battery EVs (BEV) accounted for 81% of all passenger EV sales in the US while plug-in hybrid EVs (PHEVs) made up the rest. In Q1 2023, Tesla’s sales outperformed the combined sales of the next 18 automotive groups, which collectively represent 34 automotive brands.

Commenting on the market dynamics, Research Analyst Abhik Mukherjee said, “Total US passenger vehicle sales improved YoY in Q1 2023. The US economy is showing signs of recovery with lower inflation and improving consumer sentiment. Although EV sales saw strong growth during the quarter, those of conventional passenger vehicles remained flat. One reason was the introduction of an EV tax credit of up to $7,500, which has played a crucial role in driving up EV sales. Currently, around 20 models in total offered by Tesla, GM, Ford, Stellantis, Rivian and Volkswagen are eligible for the tax credit. However, strict eligibility conditions set by the US government have excluded brands such as Hyundai, Nissan, BMW, Audi and Volvo from benefiting from the EV tax credit scheme in 2023.”

The top 10 EV models in the US accounted for 69% of overall passenger EV sales during the quarter. Tesla’s Model Y retained its title of the best-selling EV model, while it also earned the title of best-selling passenger car model globally. Apart from BEVs, PHEVs are also gaining popularity in the US.

Commenting on the market outlook, Research Director Jeff Fieldhack said, “With the US economy showing signs of recovery, the auto industry, particularly the EV sector, is being helped by government policies announced last year. Tax credits for new and even used EVs are helping consumers, while investments in streamlining the EV battery supply chain, the establishment of a robust network of EV charging stations and the setting up of battery recycling plants nationwide will all support EV sales growth. Therefore, we expect US EV sales to reach around 1.5 million units in 2023 if economic conditions continue improving.”

*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 ‘USA 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.

Background

Analyst Contacts

Abhik Mukherjee

Soumen Mandal

Neil Shah

Jeff Fieldhack

Counterpoint Research

press@counterpointresearch.com

Related Posts

EV Sales in US up 54.5% YoY in 2022; Tesla Market Share at 50.5%

BEVs accounted for 80% of EV sales in the US in 2022.
In 2022, Tesla captured over 50% of the US EV market.
EV sales are expected to exceed 1.9 million units in 2023.

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

Passenger electric vehicle* (EV) sales** in the US grew 54.5% YoY in 2022, according to the latest research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker. Battery EV (BEV) sales grew by almost 70% YoY to account for more than 80% of all EV sales in 2022. Tesla remained the market leader in 2022 with more than 50% market share. Tesla sold more cars than the other 17 automotive groups combined.

Commenting on the market dynamics, Research Analyst Abhik Mukherjee said, “Although overall passenger vehicle sales in the US declined in 2022, EV sales increased to represent 7% of all US passenger vehicle sales. Tesla is dominating the US EV market while other automotive giants like Ford, General Motors, Stellantis, Volkswagen and Hyundai are struggling to provide strong competition. But still, we are seeing new players like Lucid Motors, Karma, Fisker and Vinfast entering the US EV space, underlining the market’s potential. Moreover, with the recent price cuts by Tesla and all versions of Tesla’s Model Y becoming eligible for the EV tax credit subsidy, it is expected that Tesla will take an even higher market share.”

The top 10 best-selling EV models accounted for 69% of total EV sales in the US. All four Tesla models were present in the top-10 bestseller list for 2022. Hyundai’s IONIQ 5 and Kia’s EV6 made a significant impact, entering the list within a year of their US launch.

Discussing the market outlook, Research Director Jeff Fieldhack said, “High interest rates due to macroeconomic pressures during 2022 negatively affected vehicle sales in the US. In 2023, EV sales are expected to reach over 1.9 million units but only if economic headwinds do not severely impact the market, like in 2022. With automotive OEMs and battery manufacturers joining hands to set up battery manufacturing plants across the US, the battery supply chain is expected to become smoother and component costs will moderate, making the potential US EV market greater than 10 million per year by 2030.”

Background

Analyst Contacts

Abhik Mukherjee

Abhilash Gupta

Soumen Mandal

Jeff Fieldhack

Peter Richardson

Counterpoint Research

press@counterpointresearch.com

Related Posts

Electric Vehicles Gain Ground in Southeast Asia; Thailand Dominates Volumes

Thailand led the region’s passenger EV sales in 2022 with a 58% share.
Nearly two in three EVs sold in 2022 were BEVs.
Wuling’s newest model Air EV was the region’s bestseller.

New Delhi, London, San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – March 31, 2023

Passenger electric vehicle (EV*) sales** in Southeast Asia (SEA^#) accounted for just under 2% of the region’s total passenger vehicle sales in 2022, according to the latest research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker. Thailand was the most advanced, accounting for 58% of the region’s EV sales, followed by Indonesia and Vietnam. Thailand’s government has been pushing EV sales through demand-side incentives and corporate income tax incentives for EV manufacturers.

Wuling’s Air EV was the best-selling model across the region in 2022, being one of the most affordable EV options. In terms of automotive groups, Vingroup led the SEA EV sales, closely followed by Wuling (part of SAIC-GM-Wuling group) and Volvo (Geely Holdings subsidiary). Battery EVs (BEVs) represented 64.6% of the total EV sales while plug-in hybrid EVs (PHEVs) constituted the rest.

Commenting on the market dynamics, Research Analyst Abhilash Gupta said, “Passenger EV demand is increasing gradually across the SEA region but sales are tiny compared to global EV sales, constituting just 0.5% of the global total for 2022. However, as geopolitical tensions are rising between China and the West, SEA is becoming an attractive option for Chinese auto manufacturers looking to expand abroad. Therefore, we can expect to see more production plants in SEA in the longer term, which will help boost EV sales. Thailand has the largest auto manufacturing sector in SEA. It is aiming to leverage its manufacturing expertise to attract automakers to produce and sell EVs there. Indonesia and Vietnam have the advantage of mineral resources, which gives them an edge over others in the region. The SEA countries have set lofty EV targets and have introduced many incentives to promote EV adoption among consumers and to attract EV manufacturers to set up bases.”

Source: Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker, Q4 2022

Commenting on the market outlook, Senior Analyst Soumen Mandal said, “Although EVs are currently a niche market in SEA, we do expect their sales to double in 2023. However, it will be difficult for the SEA countries to achieve their EV targets and increase the share of renewables in the electricity grid at the same time.

SEA countries have the opportunity to display their manufacturing capabilities and grow, given the interest of many international auto manufacturers to invest in the region. Those that enter the market early will have an edge, allowing them to secure a substantial share of the market. The SEA region could adopt the approaches taken by China and Europe, which provide incentives based on CO₂ emission levels. Doing so would encourage both consumers and manufacturers to shift towards more environment-friendly vehicles.”

*For EVs, we consider only BEVs and PHEVs. This study does not include hybrid EVs and fuel cell vehicles (FCVs).

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

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

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.

Background

Analyst Contacts

Abhilash Gupta

Soumen Mandal

Brady Wang

Peter Richardson

Counterpoint Research

press@counterpointresearch.com

Related Posts

Berlin Factory Takes Tesla to Top Spot in Europe EV Sales as Chinese Brands Gain Ground

EVs contributed over 29% of Europe’s total passenger vehicle sales in Q4 2022.
Chinese EV brands sold nearly 58,000 units in Europe during 2022.
Europe’s EV sales are expected to exceed 4 million units in 2023.

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

Europe’s passenger electric vehicle* (EV) sales in Q4 2022 grew over 34% YoY to bring the 2022 total to over 2.7 million units, according to the latest research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker. Battery EVs (BEVs) continued to increase their share, growing by 36% YoY to account for almost 63% of all EV sales, while plug-in hybrid EVs (PHEVs) accounted for the rest. Germany was the largest EV market in Europe with almost 39% of total sales, followed by the United Kingdom and France. Germany also remained Europe’s fastest-growing EV market in Q4 2022 with 75% YoY growth, while Norway and Sweden’s overall passenger vehicle sales had the highest EV share in the continent. In terms of brands, Tesla managed to overtake Mercedes Benz to grab the top spot in Europe.

Commenting on the market dynamics, Research Analyst Abhik Mukherjee said, “EV sales in Europe are increasing at a slower pace than expected. But since many European brands target to convert most of their models to electric by 2025, we expect EV sales to accelerate in the next two years. European automakers need to keep a close eye on Chinese competitors. Most Chinese brands, like BYD, Lynk, NIO and XPeng, made their European debut in 2021, selling just under 21,000 EVs cumulatively. In 2022, Chinese brands sold almost 58,000 EVs, capturing over 2% of the market. With the current trajectory, their share is expected to double to around 5% by the end of 2023.”

Market summary

Tesla became Europe’s top-selling EV brand in Q4, dethroning Mercedes Benz. Tesla’s Model Y also became the best-selling EV in Europe during Q4 and for the full year of 2022, followed by its Model 3. Production capacity at Tesla’s Berlin factory reached 3,000 units per week in November 2022. The factory played a crucial role in Tesla becoming the best-selling EV brand.

Volkswagen’s EV sales grew by almost 48% YoY in Q4, helping it stay the second best-selling EV brand in Europe. Volkswagen has been spearheading its ID models and the launch of an updated version of the ID.3 model will help the brand hold its position more firmly.

Mercedes-Benz sold over 76,000 EVs in Europe during Q4, a growth of 46% YoY. The top-selling models were the A-Class, EQA and GLE-Class. PHEVs accounted for almost 67% of Mercedes’ Q4 EV sales. Tesla and Volkswagen pushed Mercedes to third place in Q4 2022.

Discussing the market outlook, Senior Analyst Soumen Mandal said, “EVs contributed over 29% of Europe’s total passenger vehicle sales in Q4 2022. We expect that more than 4 million EVs will be sold across Europe in 2023. The rise of Chinese brands will likely pose a threat to local manufacturers. Lynk & Co, a subsidiary of Geely Holding, sold over 20,000 PHEVs during Q4 2022, with its Lynk 01 model entering the list of top 10 best-selling EV models in Europe. The implementation of strict laws to limit carbon emissions makes battery manufacturing costlier across Europe, thus making European-produced EVs more costly than those imported from China. Unless policies are brought for vehicle imports, the sales of Chinese EVs will continue to increase across Europe.”

*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, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom 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 ‘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.

Background

Analyst Contacts

Abhik Mukherjee

Soumen Mandal

Neil Shah

Peter Richardson

Counterpoint Research

press@counterpointresearch.com

Related Posts

Top

Insights Tag： BEV

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

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

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

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

China EV Sales Defy Subsidy Cuts, Maintain Strong Growth in Q1 2023

Related Posts

US EV Sales Up 79% YoY in Q1 2023 Helped by Tax Credit Subsidy

EV Sales in US up 54.5% YoY in 2022; Tesla Market Share at 50.5%

Electric Vehicles Gain Ground in Southeast Asia; Thailand Dominates Volumes

Berlin Factory Takes Tesla to Top Spot in Europe EV Sales as Chinese Brands Gain Ground

Market summary

Coverage

Insights

Social media

Contact us

Top

Related Posts

Market summary

Coverage

Insights

Social media

Contact us

Term of Use and Privacy Policy