From Jan to June in 2023, Global[1] Electric Vehicle Deliveries[2]
Recorded 6.161 Mil Units, a 41.7% YoY Growth
- Global No. 1 BYD and No. 2 TESLA account for 35.3% M/S combined
From
Jan to June in 2023, the total number of electric vehicles registered in
countries around the world was approximately 6.161 million units, a 41.7% YoY
increase.
If we look at the EV sales
from Jan to June in 2023, the global top EV seller, BYD, has continued to see
an explosive growth with a 100.1%
YoY growth. In the 1st half only, it sold 1.287 million units,
taking up 20.9% of the market share. Following BYD, Tesla on the 2nd
position posted a 57.4% YoY growth propped up with its aggressive price
reduction strategy and the tax credit offered to Model 3/Y under the Inflation
Reduction Act (IRA) by the US government. SAIC
recorded a 27.7% YoY growth thanks to a favorable sale of relatively
low-capacity EVs such as Hongguang
MINI EV, MG-ZS, and Bingo.
(Source: Global EV and Battery Monthly Tracker – July 2023, SNE Research)
Hyundai-KIA
Group recorded a 5.3% YoY growth, led by IONIQ 5, EV6, and Niro. With the group
boasting a record-high profit earned in the 2nd quarter, it is
expected that the group may keep its growth momentum down the road based on the
launch of KONA (SX2) Electric and EV9 as well as the global sale expansion of
IONIQ 6. It seems possible for the group to break its record in profit again in
the 3rd quarter of this year.
(Source: Global EV and Battery Monthly Tracker – July 2023, SNE Research)
While
an upward trend was found in China and North America during 2023 1H, the growth
rate of EV and battery industry in Europe was relatively low at 26.4%. This can
be attributed to the reduction in benefits for electric vehicles in Europe and the
increase in energy cost due to the Russia-Ukraine War. An upward trend in the
Asian region and other regions, except China, Europe, and North America, was noticeable,
which is a sign that the Chinese companies started to enter into overseas market
in earnest. It seems necessary to keep an eye on proactive overseas market
entrance by the Chinese EV makers, based on their solid domestic market and supply
chain, and also possible changes in the protectionist policies by the US and
Europe.
[1] The xEV sales of 80
countries are aggregated.
[2] Based on electric vehicles (BEV+PHEV) delivered to customers or registered during the relevant period