More than 1.2 cr electric cars sold in 2022 globally, could reach 1.7 cr by the end of 2023 IV News

New Delhi, Mar 6 () Global electric passenger vehicle (EV) sales rose 53 percent (y-o-y) in the fourth quarter of 2022 to take the year’s total to over 10.2 million (up 1.2 million) units, report shown on Monday.

The Tesla Model Y remained the best-selling model globally, second only to BYD’s Song model in China.

In the fourth quarter of 2022, battery electric vehicles (BEVs) accounted for nearly 72 percent of all electric vehicle sales, with plug-in hybrid electric vehicles (PHEVs) accounting for the rest, according to Counterpoint Research.

According to senior analyst Soumen Mandal, by the end of 2023, electric car sales are expected to reach nearly 17 million units.

In 2022, the top three electric car markets were China, Germany and the United States. The top 10 EV groups, which own more than 39 passenger car brands, accounted for nearly 72 percent of all EV sales in the fourth quarter of 2022.

“The annual total by 2022 would have reached close to 11 million units if a new Covid-19 infection had not surfaced in China. The infections in China in November and December affected car production and sales and disrupted the component supply chain,” said research analyst Abhik Mukherjee.

Despite these headwinds, Chinese brands managed to record strong growth.

In 2022, many Chinese brands began to expand into markets such as Europe, Southeast Asia, and Latin America.

“Chinese brands are likely to dominate Southeast Asia and Latin America as very few brands operate in these regions. But a battle for market presence in Europe is expected,” Mukherjee added.

The top 10 EV models accounted for a third of total passenger EV sales in the fourth quarter of 2022.

According to Mandal, by the end of 2023, electric car sales are expected to reach nearly 17 million units.

“The end of the subsidy in China could push EV makers to raise their prices.” BYD has already implemented one price increase in January. But these price increases are unlikely to affect EV sales in one of the most mature EV markets,” Mandal said.

na/vd

(This story has not been edited by Kashmir Monitor staff and is automatically generated from a syndicated feed)