Global EV sales may reach 1.7 Cr in 2023 after exceeding 1.2 Cr in 2022.

15 Mar 2023

 the global passenger electrical vehicles(EV) sales rose by 53% year on year in Q4 2022 to brings the year total to over 1.2 million (more than 1.2 crore) units are report showed on Monday. Tesla’s model while remained the best selling model globally followed by China based. During Q4 2022, battery EVs  accounted for almost 72% of all EV sales while plug in hybrid EVs accounted for the rest according to counter points research. According to senior analyst Soumen Mandel, by the end of 2023 EV sales are expected to reach nearly 17 million units. In 2022 the top 3 EV markets were China, Germany, and the US. The top 10 EV automotive groups which hold more than 39 passenger car brands contributed to almost 72% of all EV sales in Q4 2022.

The annual total for 2022 wood have reached close to 11 million units have fresh Covid-19 infections not surface in China. The infections in China during November and December affected automatically production and sales and disrupted the components supply chain sad research analyst Abhik Mukherjee. Despite these headwinds, Chinese brand manage to record strong growth. In 2022, many Chinese brands started to expand in markets like Europe southeast Asia and Latin America.

“Chinese brands are likely to dominate in Southeast Asia and Latin America as their very few brands operating in these regions but a fight for market presence is expected in Europe,”Mukherjee added. The top 10 EV models accounted for one third of the total passenger EV sales in Q4 2022.

According to Mandal by the end of 2023 EV sales are expected to reach nearly 17 million units the end of the purchase subsidy in China manufacturers to increase their prices. BYD has already implemented one price hike in January. But these price hikes are unlikely to affect EV sales in one of the most matured EV markets.