Tesla leads the global battery electric vehicle market with a 21.7% share in Q2 2023. The company is well ahead of its nearest competitor, BYD. The rest of the automakers are still focused on increasing production and make only a minor contribution.
According to recent TrendForce market research, in Q2 2023, BYD ranked second in BEV market share globally. The company, leading only in the Chinese market, lost to the leader, Tesla. However, global automakers continue to step up efforts, and the share of new energy vehicles (NEVs) continues to grow.
NEV include battery electric vehicles (BEVs), plug-in hybrid vehicles (PHEVs), and fuel cell electric vehicles (FCEVs). In the first half of 2023, sales of such vehicles amounted to 5.462 million units. This is a 33.6% year-over-year increase, highlighting the shift away from internal combustion engine (ICE) vehicles.
NEV sales in the second quarter of 2023 were 3.03 million vehicles. It shows an increase of 42.8 percent year-over-year. Of all registered NEVs, the main part was BEVs. During this period, 2.151 million electric vehicles were sold, which is 39.3 percent more than in the same period last year. PHEV sales reached 876,000 units, up 52.9% YoY.
Tesla still tops the list with a 21.7 percent market share in the BEV segment. The manufacturer maintains a clear advantage, despite the fact that competitors continue to step up their efforts. It is followed by BYD with a global market share of 16.2 percent. In second place is GAC Aion with a share of 6 percent. Volkswagen is in fourth place with a global market share of 4.7 percent. SAIC-Wuling is in fifth place with 4.4 percent. They are followed by Hyundai (3.6%), BMW (3.6%), Mercedes-Benz (2.8%), Kia (2.0%), and Audi (1.9%).
The PEHV segment is dominated by BYD with a global market share of 36.5%, followed by Li Auto with 9.9% and Volvo with 4.6%. BMW has a share of 4.3 percent, while Mercedes-Benz and Jeep have 4 percent each.
© 2023, Eva Fox | Tesmanian. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.