Electric Cars Take Over: 9.4 Million Sold Globally in 2023
In the first nine months of 2023, more than 9.4 million plug-in electric cars found new homes, making up around 16% of all cars sold worldwide. Data from EV-Volumes reveals that just five car manufacturers were responsible for over half of these plug-in car sales.
Top 5 Driving the Change:
In the plug-in category, which includes both battery electric vehicles (BEVs) and plug-in hybrid vehicles (PHEVs), the top five automakers are BYD, Tesla, Volkswagen Group, Geely-Volvo, and SAIC. Together, they sold more than 5.1 million rechargeable cars from January to September 2023, increasing their market share to 54.7%, up from 52% the previous year.
BYD Leads the Pack:
BYD remains the largest group with over 2 million units registered, and its market share is growing faster than any other automaker, reaching 21.9% from 17.3% a year ago. Tesla, selling only all-electric cars, maintained its second place with over 1.3 million units sold and a 14% share, compared to 13.3% from a year ago. Together, BYD and Tesla represent nearly 36% of the total plug-in market, up from 30.6% a year ago.
Volkswagen and Others:
The third-largest automaker, the Volkswagen Group, saw 683,921 new plug-in car registrations, but its market share decreased from 8.0% to 7.2%. Geely-Volvo secured the fourth spot with 579,005 units sold and a 6.1% share, up from 5.7% a year ago. SAIC, with 514,670 registrations, was down from 7.6% to 5.4%. Other automakers with below 5% market share include Stellantis, BMW Group, GAC, and Hyundai Motor Group.
Plug-in Vehicle Registrations in Q1-Q3 2023:
- BYD Group: 2,070,528 units and 21.9% share
- Tesla: 1,323,868 units and 14% share
- Volkswagen Group: 683,921 units and 7.2% share
- Geely-Volvo: 579,005 units and 6.1% share
- SAIC: 514,670 units and 5.4% share
- Top 5: 5,171,992 units and 54.7% share
- Others: 4,287,027 units and 45.3% share
- Total: 9,459,019 units
Battery-Electric Vehicles (BEVs):
In the all-electric car segment, Tesla leads the way with over 1.3 million registrations, comprising 20.1% of the BEV market. BYD follows with slightly over 1 million units sold, securing a 15.9% share. Together, Tesla and BYD are responsible for 36% of all BEV sales.
All-Electric Vehicle Registrations in Q1-Q3 2023:
- Tesla: 1,323,868 units and 20.1% share
- BYD Group: 1,048,513 units and 15.9% share
- Volkswagen Group: 510,204 units and 7.7% share
- SAIC: 491,633 units and 7.5% share
- GAC: 373,718 units and 5.7% share
- Top 5: 3,747,936 units and 56.9% share
- Others: over 2.8 million units and 43.1% share
- Total: over 6.5 million units