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 Autopilot Map splash screen

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.

Map screen of the Mapbox Autopilot Map app that shows three charging stations between the user's current location and the destination

Car's center console showing the charging station info as the user approaches it

Charging screen as the user connects the charging cable to his car, displaying the time to charge, and the corresponding amount

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.

Screens of MapGPT, a location-aware conversational AI service by Mapbox, on a phone and the car's center console

App screens of the Japanese payment service PayPay

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.

The center console of a BMW Mini EV

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.

Navigation app showing nearby eating spots.

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.

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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

A chart depicting the South-East Asia Passenger EV Unit Sales Share Q2 2022 vs. Q2 2023
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%.”

A chart showing SE Asia’s Best-Selling Passenger EVs

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.”


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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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.”


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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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

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.

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Climate Change Concerns Aid LG Electronics’ Q1 Numbers

  • The revenue for Q1 2023 stood at KRW 16.26 trillion, a 5.7% YoY decline.
  • The operating profit of the company declined by 15% YoY.
  • The revenue from the vehicle solutions segment grew 27% YoY to reach KRW 2.4 trillion.

LG Electronics has generated relatively steady Q1 2023 earnings results thanks to the stabilization of material costs and the continued sales of high-end home appliances. The heat pumps and energy storage devices helped it earn more as the climate change restrictions tightened.

The company’s revenue declined 5.7% YoY in Q1 2023 to KRW 16.26 trillion ($12.75 billion), while the operating profit declined 15% YoY to KRW 1.36 trillion ($1.06 billion) owing to sluggish global demand. Although the profit dropped YoY, it was a considerable improvement over the losses in the previous quarter.

The business portfolio is experiencing growth through qualitative measures, particularly in expanding B2B segments such as vehicle components and system air conditioners. Besides, non-hardware business revenue continues to increase. The vehicle component solutions segment raked in high profits, contributing almost 15% to the total revenue, up from 11% in Q1 2022.

LG Electronics Revenue by segment, Q1 2022 - Q1 2023

Financial highlights

  • The consumer electronics segment’s revenue fell 5.5% YoY to reach KRW 11.38 trillion ($8.9 billion). However, the operating profit increased by 92% owing to lower logistics costs, efficient management of raw material supply, improved spending efficiency and active measures to enhance cost structure. The contribution of this segment to LG’s Q1 operating profit rose to 89.7% from 40% in Q1 2022.
  • The revenue of the vehicle solutions segment grew 27.1% YoY to reach KRW 2.39 trillion ($1.87 billion) driven by high order backlogs and the electric vehicle (EV) boom in the automotive market. Supply chain management improvements for key components, like semiconductors, played a crucial role. The operating profit grew to KRW 54 billion ($42.3 million), compared to the loss of KRW 6.7 billion ($5.6 million) in Q1 2022. Although the segment contributed just 4% to LG’s Q1 operating profit, it is touted as the future growth driver.
  • Revenue from other businesses, which include business solutions, kept declining YoY to reach KRW5 trillion ($1.95 billion), falling 25%. The operating profit dropped 91% YoY to KRW 85 billion ($66.7 million). The segment’s contribution to LG’s Q1 operating profit was only 6.3% compared to 61% in Q1 2022.
  • LG Innotek’s revenue grew 10.7% YoY to KRW 4.4 trillion ($3.43 billion). The operating profit decreased by 60.4% to KRW 145 billion ($114 million). This brought LG’s consolidated revenue to KRW 20.4 trillion ($16.01 billion).

Market outlook

Amid declining consumption due to economic downturn concerns, consumer electronics revenue is expected to fall while profits will remain sluggish in the next quarter. The decreasing IT demand will also have negative impacts on yields. The huge order backlog (KRW 80 trillion) and the ongoing transition to EVs will drive the vehicle solutions segment revenue. Based on the high growth within EV markets, it is expected that the EV component business will continue to take up a larger share in the future. A reliable portfolio of in-car infotainment systems, e-powertrain, headlights and unique solutions will maintain LG’s competitive advantage.

LG Electronics is going aggressive on increasing its technological advantage over competitors. This year, the company plans to invest over KRW 5 trillion ($4 billion) in its most significant capital expenditure in 10 years, mainly in the automotive electronics business. This move aligns with the business strategy of focusing on long-term growth and prosperity. The R&D spending has also been increased by 10% this year. LG wants to sustain growth and ensure consistent profitability by proactively and adaptively addressing shifts in demand across various regions and segments. It also aims to expand eco-friendly enterprises in pursuit of revenue growth through energy-efficient and environment-friendly products.

*LG Innotek’s numbers are not included in the total revenue and have been mentioned separately.

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Global Connected Construction Machine Shipments Grew 6.7% YoY in 2022

  • One in three construction machines sold in 2022 had embedded connectivity.
  • The connected construction machinery market is expected to see an annual growth rate of 11% over the next eight years.
  • The top five players – Caterpillar, XCMG, Sany, Komatsu and Volvo – captured 60% of connected construction machine shipments in 2022.

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

Global connected construction machine shipments grew 6.7% YoY in 2022 despite a decline in overall construction machine shipments, according to Counterpoint’s latest Global Connected Construction Machine Market report. One in three construction machines sold had embedded connectivity. The slowdown in China’s construction activity impacted the shipments of Chinese players and overall global shipments. However, due to a 10% YoY increase in the average selling price (ASP) in 2022, construction machine revenues grew 3% YoY to reach $213 billion. The ASP increased due to supply shortages and addition of features like electrification and connectivity.

Construction machines refer to equipment, machinery and vehicles specially designed for construction tasks such as excavation, loading and unloading, moving materials, material handling and demolition. The construction machinery also includes mining machinery applications like rock drilling, rock cutting, crushing and tunneling. Engineering and construction projects are complex and difficult to manage. Connected machines help measure construction activity, which is regarded as a barometer of economic prosperity for any region.

Commenting on connected construction machine brand dynamics, Senior Research Analyst Soumen Mandal said, “Construction machinery is a highly concentrated market with the top five players – Caterpillar, XCMG, Sany, Komatsu and Volvo – capturing 60% of connected construction machine shipments in 2022. Smaller players like Liebherr are aiming to make inroads by providing connectivity in a larger proportion of their SKUs. JCB and Hitachi cater to the lower end of the market by offering cost-effective solutions and have fewer machines with connectivity. We expect significant growth opportunity for connectivity for these brands in the coming years.”

Construction machine market Counterpoint

The demand for connectivity is driven by theft prevention, predictive maintenance, automated operations, distance monitoring, AR/VR-based simulation and usage-based applications like insurance, vehicle financing and rental services. The tracking of machine assets also helps schedule construction operations in a better way and complete projects on time. Orbcomm, Teltonika, Calamp, syniotec, Machinemax, Trackunit, VisionTrack, Tenna, Trimble and DPL Telematics are a few among many players embedding connectivity in heavy construction machines while offering complimentary services like connectivity and device management platforms.

Commenting on the market outlook, Associate Director Mohit Agrawal said, “Global construction machine shipments are likely to remain flat and reach 2.33 million units by 2030. The current downtrend is expected to last another two to three years. We expect the market to rebound from 2025 onwards. The scarcity of skilled technicians, laborers and drivers will fuel the growth of automated machines. We expect nearly 75% of construction machines to have embedded connectivity by 2030 as the industry shifts towards electrification and autonomous operations. Further, we expect the connected construction machinery market to see an annual growth rate of 11% over the next eight years. Currently, 4G is the leading technology in the connected construction machine market but we expect 5G to be the most preferred technology by the end of the forecast period.”

The comprehensive and in-depth ‘Global Connected Construction Machine Market 2022’ report 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 technology, media and telecom (TMT) 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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Price Cuts Boost Tesla Revenue in Q1, Profit Slumps Compared to 2022

  • 2 million vehicle deliveries are achievable in 2023 if the macroeconomic situation doesn’t worsen.
  • Gross profit was down 17% YoY to $4.5 billion due to price cuts, raw material inflation, exchange rate impacts and other factors.
  • 3.9 GWh of energy storage was shipped during Q1 2023, Tesla’s highest yet.

Tesla’s Q1 2023 deliveries stood at 422,875 vehicles globally and registered a total revenue of $23.3 billion, a YoY increase of almost 25%. With Tesla announcing price cuts for its models starting from January, vehicle deliveries also saw a 36% YoY boost. Tesla’s sales increased significantly across the US and China, accounting for 40% and 33% of its global deliveries, respectively. Almost 98% of Tesla’s sales came from the Model Y and Model 3. During Q1, the Model Y became the best-selling car in Europe and the best-selling non-pickup vehicle in the US. The Model 3’s sales also increased significantly in Europe, with almost 29,000 of them being sold in the continent during Q1. As the Berlin factory only produces the Model Y, all the Model 3s sold in Europe were imported from China.Tesla Revenue Q1 23_Counterpoint Research

Financial highlights

  • Revenue from Tesla’s automotive segment stood at nearly $20 billion, an 18% YoY increase. Automotive sales accounted for almost 95% of the revenue but revenue from the sale of regulatory credits and vehicle leasing declined significantly.
  • Tesla’s revenue from other business lines, such as energy deployment and services, increased by 78% YoY to $3.3 billion. During Q1, Tesla deployed a record Megapack storage, totaling 3.9 GWh and growing 360% YoY, the highest in a single quarter.
  • Automotive quarterly reportAlthough Tesla generated strong revenue in Q1, gross profit declined by 17% YoY to $4.5 billion and net profit declined by 23% to $2.5 billion. High vehicle deliveries and growth in other business lines helped the revenue, but the lowered vehicle ASPs, high raw material costs due to inflation, increased logistics costs, costs associated with the ramping up of the 4680-cell production, lower-than-expected utilization of the Berlin factory and negative exchange rate impacts all played a role in the lowered profits compared to a year ago.
  • Tesla’s Q1 operating profit was 11.42%, a decline of 4.6% sequentially. Tesla claims to have a better position than its competitors who are still struggling through the challenges of reducing EV unit costs. Tesla aims to leverage its position as a cost leader, which it has achieved through increased penetration of in-house designed controllers, batteries and drive units.
  • Q1 R&D expenses were $771 million, 3.3% of total revenue. Tesla is developing a 360-degree ecosystem – Tesla OS. This will help the company reduce dependency on third-party software and cloud subscriptions for its day-to-day work, besides helping in the vertical integration of software-based services and better cost control.

Tesla Production and Deliveries Q1 23 Counterpoint Research


Tesla’s strong position in the auto market has also helped its market outlook. Price cuts have made Tesla’s vehicles more affordable and with its Model Y and Model 3 becoming eligible for the tax credit subsidy in the US, we expect Tesla to capture over 50% of the country’s EV market. In its earnings call, Tesla also signaled more price cuts. It also plans to open another factory in Shanghai to focus on the production of cells and batteries as part of its 100-GW cell factory capacity announced last year.

Tesla expects to start deliveries of its long-awaited Cybertruck in Q3 2023. The company is also working on its next-generation vehicle platform.

With a strong start, Tesla aims for 1.8 million global deliveries during 2023, but 2 million is achievable if the macroeconomic situation does not deteriorate significantly.

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u-blox Marks 25 Years With Record-breaking Revenue, Strong Growth Across All Segments

  • u-blox’s total revenue grew 44% YoY in 2022 to reach $654 million.
  • The company shipped more than 100 million chipsets and modules in 2022.
  • u-blox’s revenue is expected to grow more than 15% YoY in 2023.

Last year saw u-blox’s 25th anniversary, and the company marked the occasion in style, registering a record-breaking revenue of $654 million in 2022, an increase of 44.3% from 2021. Despite supply chain challenges, u-blox managed to fulfill customer demands with a diversified supplier base. The company experienced strong growth across all segments and regions.

Highlights for 2022

  • u-blox’s operating profit increased 258% YoY in 2022 to reach $138 million, demonstrating improved operational efficiency.
  • The mass adoption of high precession technology in industrial automation, delivery robots, autonomous construction and agricultural equipment helped its industrial segment to grow 52% YoY and capture 63% of the company’s total revenue.
  • The automotive segment also grew 54% YoY due to the increased demand for navigation and infotainment applications, driven by the shift towards electric vehicles. The segment contributed 28% to the total revenue.
  • The consumer segment grew 34% YoY and captured 9% of the total revenue.
  • Among regions, the revenue from APAC increased 59% YoY propelled by high demand for various applications such as infotainment, navigation, telematics and healthcare, particularly in Japan, Australia and New Zealand. In EMEA, the revenue grew by 43% driven by the strong performance of infotainment, navigation, industrial automation and asset-tracking applications. Similarly, the revenue in the Americas grew 48% YoY fueled by the robust growth of infotainment, navigation, telematics and healthcare applications.
  • In 2022, modules and GNSS chips contributed 79% and 20% of the total revenue respectively. The company shipped more than 100 million modules and chips combined in 2022.

u-blox 2022 financial performance

GNSS modules

u-blox is maintaining its leadership position in the GNSS module market due to its superior quality and high precision. In 2022, u-blox’s GNSS module shipments grew by 28% YoY, contributing more than half of the total module revenue. These modules are widely used in automotive and industrial applications. To further enhance its positioning solutions, it has formed partnerships with GMV to provide end-to-end safe positioning solutions for autonomous vehicles. Additionally, u-blox has secured multiple design wins, including with NXP semiconductor, NVIDIA and Li-Auto, for its ZED-F9K GNSS module for automotive applications.

Wi-Fi/BT modules

In 2022, u-blox’s Wi-Fi/BT module segment experienced a 17% YoY growth, generating a revenue of nearly $57 million. The widespread adoption of Wi-Fi 6 in healthcare and industrial applications has played a significant role in the segment’s growth. Besides, u-blox’s partnership with AWS has created two innovative modules that are pre-provisioned for secure communication with AWS via Wi-Fi and cellular IoT, simplifying access to cloud services for customers. This collaboration with AWS is expected to drive the adoption of u-blox’s high-quality modules targeted at the industrial segment, increasing the company’s market share and revenue growth potential.

Cellular IoT modules

According to Counterpoint Research’s Cellular IoT Module Tracker Service, u-blox’s cellular IoT module segment grew by 37% YoY in 2022, reaching $176 million. The launch of new products in the first half of the year played a crucial role in this growth, with its smallest 4G Cat 1 modules shipping one million units within two months of launching. Its UBX-R5 LPWA chipsets are also gaining traction among customers. In the cellular LPWA chipsets market, u-blox is competing with major players such as Qualcomm, Sony and Sequans. Sony’s latest 5G LPWA chipset may create further competition for u-blox.

GNSS chips

u-blox shipped nearly 54 million GNSS chips in 2022, which contributed $131 million in revenue. The u-blox 8 series chipsets continue to be the top-selling chipset, while the new M10 chipsets are ramping up production at a rate of one million per month. Nofence is leveraging u-blox GNSS chipsets to develop GNSS-enabled livestock collars for regenerative farming.


The company’s future strategy is to continue to lead with innovative solutions that combine chipsets and modules with services while considering socio-economic and eco-friendly factors. The ongoing adoption of electric and autonomous vehicles will be a major growth opportunity for u-blox.  With a strong order book in place, u-blox is forecasting a substantial YoY revenue increase of 6% to 16% for 2023. The average analyst estimate for the 2023 revenue is $724 million, representing an 11% increase. Considering the high demand and interest for its products in the automotive, industrial and asset-tracking segments, it is probable that u-blox’s revenue will be near the higher end of the projected range.

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One in Four Cars Sold in China in 2022 Was an EV With BYD Powering Country’s Outperformance

  • China’s EV sales almost doubled in 2022 with 87% YoY growth.
  • BYD led the market, followed by GM Group, Tesla, Geely Holding and GAC Group.
  • China’s EV sales are expected to exceed 8 million units in 2023.

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

China’s passenger electric vehicle* (EV) sales almost doubled in 2022, growing 87% YoY, according to the latest research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker. EVs now account for one in four cars sold in China. Interestingly, the share of battery EVs (BEVs) in the country’s total EV sales decreased in 2022, with plug-in hybrid EVs (PHEVs) increasing their share to 24%. China was the second fastest-growing market among the world’s top 10 EV markets in 2022 in terms of sales. Japan was on top with a 119% YoY growth. Nevertheless, China accounted for nearly 59% of the global EV sales volume.

Commenting on the market dynamics, Senior Analyst Soumen Mandal said, “China’s EV market is the most vibrant globally. More than 94 brands cumulatively offer over 300 models ranging from just $5,000 to over $90,000. Local brands command 81% of the EV market, among which BYD, Wuling, Chery, Changan and GAC are a few of the top players. China also has a wide range of EV start-ups, like Nio, Xpeng, Neta, AITO, IM Motors, Zeeker, Aiways and Livan, which are performing well and are giving strong competition to established foreign brands.”China EV Sales Top 5 EV Players in 2022

Mandal added, “In China, Tesla experienced a nearly 5% YoY drop in its market share due to production halts in April and May 2022 caused by the resurgence of COVID-19. Although production resumed at full capacity in June, Tesla faced challenges such as the availability of a limited product mix, increased costs due to a difficult supply situation, competition from affordable options offered by EV start-ups, and domestic sentiment that hindered its efforts to solidify its position in the Chinese market. Meanwhile, BYD increased its market share by more than 11% YoY in 2022, with six out of the top 10 models in the Chinese market coming from the brand, compared to just three in 2021.”

In 2022, the top 10 EV models accounted for almost 45% of the total EV sales, a 3% decrease from 2021. This suggests that new start-ups are offering strong competition to established players. Further, in Q4 2022, the BYD Song surpassed the Wuling Hongguang MINI EV as the top-selling EV model, ending the latter’s eight-quarter reign in the market.

China EV Sales - Top 10 Models in 2022

Discussing the market outlook, Associate Director Brady Wang said, “We expect EV sales to exceed 8 million units in 2023. In January 2023, BYD raised its EV prices by $250-$900 due to the rising cost of raw materials and phasing out of EV purchase subsidies. Later, in February and following Tesla, BYD announced price reductions. The prices of the 2021 versions of the Han and Qin models were reduced by an average of $2,500. The prices of new BYD models were slashed by $860-$1,150. The phasing out of subsidies and the wealth of EV players can easily lead to a price war as brands fight for market share.”

*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

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.

Analyst Contacts

Soumen Mandal

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Abhik Mukherjee

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Brady Wang

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Neil Shah

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Peter Richardson

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LG Electronics Operating Profit Stumbles in Q4 2022

  • The operating profit of LG Electronics* declined by 133% YoY in Q4 2022.
  • The revenue for Q4 2022 stood at KRW 15.47 trillion, a 1.6% growth YoY.
  • The revenue from the vehicle solutions segment grew 44.6% YoY to reach KRW 2.4 trillion.

LG Electronics’* total revenue in Q4 2022 was KRW 15.47 trillion ($11.37 billion), a mere 1.6% YoY growth. This brought the company’s 2022 total revenue to KRW 64.71 trillion ($50.3 billion). Although LG registered a positive YoY revenue growth during Q4 2022, the operating profit declined by 133% YoY, causing losses of KRW 104 billion ($76.6 million). This was primarily due to increased marketing expenditure, increased raw material prices, and currency devaluation compared to the US dollar. The business was also impacted by the extension of geopolitical risks in Europe and interest rate hikes in many nations to reduce inflation. The worsening macroeconomic conditions weakened consumer sentiment, leading to a decline in consumer electronics sales. The vehicle solutions segment stood as a bright spot due to strong demand and order backlog from auto OEMs.

LG Q4 2022 Revenue_Counterpoint

Financial highlights

  • The consumer electronics segment’s revenue fell 5.5% YoY to reach KRW 10.88 trillion ($8 billion). Its operating profit decreased by 127% due to rising marketing costs and fixed cost burdens. The contribution of this segment to LG’s Q4 revenue declined to 70.2% from 75.5% in Q4 2021.
  • Revenue from the vehicle solutions segment grew 44.6% YoY to reach an all-time high of KRW 2.4 trillion ($1.76 billion). This was primarily due to increased OEM orders and an improved automotive supply chain situation globally. Negative external factors like logistics costs and raw material supply chain are easing. Despite increasing expenses associated with running additional manufacturing subsidiaries, profits improved on increased sales. Vehicle solutions accounted for 15.5% of the total revenue in Q4 2022.
  • At the end of 2022, the vehicle solutions segment had a backlog amounting to KRW 80 trillion ($59 billion), underscoring the company’s position as a key supplier to the global auto industry. Infotainment accounted for more than 60% of the backlog value, xEV parts for 20%, and safety and convenience components for the rest.
  • Revenue from other businesses grew by 6.7% YoY in Q4 2022 to reach KRW 2.2 trillion ($1.62 billion). But low demand for IT products and global economic headwinds sent the operating profit down by 195% YoY.
  • LG Innotek’s revenue grew 14.4% YoY in Q4 2022 to KRW 6.5 trillion ($4.8 billion). The operating profit decreased by 60.5% to KRW 169 billion ($124 million). This brought LG’s consolidated revenue to KRW 21.8 trillion ($16.06 billion).

Market outlook

The anticipation of growing inflation, geopolitical uncertainties, mass layoffs and significant concerns about the economy weakening during the initial months of 2023 is likely to further impact LG’s profit in Q1 2023. LG aims to increase profitability by proactively cutting expenses and optimizing cost structures. LG stated that it would continue to improve the competitiveness of its premium goods like OLED TVs. Despite challenging financial conditions, LG is likely to invest around KRW 22 trillion this year in developing new sectors and broadening its business portfolio.

The vehicle solutions segment has the highest potential to earn high profits in coming quarters owing to a robust strategy to secure long-term product orders and the current order backlogs, despite uncertainties around vehicle demand in 2023. Besides, due to the high demand for infotainment and xEV components, this segment is likely to grow further, leading to a higher share of LG’s revenue.

*LG Innotek’s numbers are not included in the total revenue and have been mentioned separately.

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