2023 Q1 Global[1] Electric Vehicle Deliveries[2] Recorded 2.702 Mil Units, a 30.2% YoY Growth
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BYD ‘firmly’ standing on the top position in the global EV sales ranking
During Q1
2023, the total number of electric vehicles registered in countries around the
world was approximately 2.702 million units, a 30.2% YoY growth.
If
we look at the EV sales during Q1 2023, BYD, whose net profit increased over
400.0% compared to the same period of last year and who has successfully positioned
as the biggest EV maker in China, kept the No. 1 position in the ranking with a
97.0% YoY growth and continued its explosive growth momentum. Tesla on the 2nd
place, following BYD, also recorded a 36.4% YoY growth, but its net profit
reduced 24.0% compared to the same period of last year. Such decline in the net
profit of Tesla appears to be based on the price reduction decided in the 1st
quarter. The decision led to an increase in sale but incurred a decline in net profit.
SAIC on the 3rd position registered a 13.1% YoY growth thanks to a favorable
sale of Hongguang MINI EV, MG-4(Mulan), and MG-ZS.
(Source: Global EV and Battery Monthly Tracker – April 2023, SNE Research)
Although
Hyundai-KIA Group recorded the biggest operating profit in history as for Q1,
its EV sale saw a degrowth of 2.2% compared to the same period of last year due
to seasonal factors in the 1st quarter that are adverse to the sale
of eco-friendly cars such as changes in EV subsidy policies. In the coming Q2,
regarded as a favorable season for EV sale, the group is expected to continue
to break its record in profit with the launch of KONA(SX2) Electric and EV9 and
the global sales expansion of IONIQ 6, recovering its presence in the green car
market.
(Source: Global EV and Battery Monthly
Tracker – April 2023, SNE Research)
Amidst
many countries around the world have been heightening trade barriers to foster their
own domestic businesses in the form of the Inflation Reduction Act (IRA) and European
Critical Raw Materials Act (CRMA), in the EV market, it is expected that local businesses
in each region – BYD in China, VW Group in Europe, and Tesla in North America –
would continuously keep their strong growth momentum.
[2] Based on electric vehicles (BEV+PHEV) delivered to customers or registered during the relevant period