Global EV sales reached close to 14m in 2023, according to PWC Strategy. This was an increase of 34% YoY. China dominated the market accounting for 68% of sales, followed by US at 10%.
MIBG Sustainability Research (MIBG) said today (Apr 12),as a region, Europe accounted for about 18%. Of total EV sales, fully electric vehicle (FEV) sales touched 10m, up 28% YoY. Plug-in hybrid electric (PHEV) car sales increased 51% to 4m.
The share of EVs of the total car sales increased to 19% in 2023 vs 16% in 2022. Of this, FEV was 14% and PHEV was 5%. Across countries, China reported increase in share to 31% in 2023 vs 26% in 2022 with share of FEV at 22% vs 20% in 2022. European countries, namely Norway, Sweden and
Netherlands, have shares of 90%, 58% and 46%. Whereas South Korea was at 10%, the US was at 9%, Australia 8%, Brazil and India at 2%.
BloombergNEF forecasts EV car sales growth to slow in 2024F to 22% YoY, due to saturation in China and Europe and uncertainty around the US elections. This is visible in the weakness in 1Q24 car sales of Tesla and BYD.
Tesla has reported a decline of 20% QoQ and 9% YoY in 1Q24 car sales. BYD reported a decline of 34% QoQ and 14% YoY increase in 1Q24 car sales. Over the previous four quarters, BYD reported a 38-92% YoY increase.
Also, for BYD, the share of overseas sales in its overall EV sales (cars + commercial vehicles) has increased to 13% in March 2024 from 4% in October 2022. BYD has surpassed Tesla to become the largest EV company in terms of global sales in 2023.
However, Tesla leads in terms of the number of FEVs sold. BYD sells both FEVs and PHEVs. Of the next five companies, three are Chinese and two European, namely BMW and Mercedes Benz, in terms of share of EVs of total cars sold in 2023.
However, if one looks at 4Q23 data, BMW is the only non-Chinese company in the next five companies list. For FEVs, Tesla is the only non-Chinese company in the top seven companies both in 2023 and in 4Q23. Chinese dominance in the EV market is evident with the increasing market shares of Chinese companies.
ASEAN – 6 markets: FEV sales surging on a low base
ASEAN – 6 markets reported a surge of 316% in FE car sales to 141,095 units in 2023. Thailand and Vietnam contributed to 77% of the region’s sales.
Thailand reported sales of 76,314 units, +684% YoY driven by a favourable regulatory environment and presence of multiple global OEMs.
Of the top 10 FE brands sold, eight were Chinese and Tesla Model Y and Model 3 were the balance. For Vietnam, we included only Vinfast sales data.
Vietnam saw activity pick up from Chinese OEMs towards the latter half of 2023 with news of BYD planning to establish an auto parts factory in Vietnam, with an investment exceeding USD250m and Great Wall Motors launching the GWM brand in Hanoi. BAIC, Zotye Auto, Brilliance Auto Group (Huachen) amongst others have launched models in the past couple of years but the numbers are small.
Malaysia has reported close to a 4x jump in EV sales to 10,159 units and Indonesia has reported a 65% increase to 17,062 units in 2023. For Indonesia, Hyundai and Wuling are the leading OEMs.
