Shulou(Shulou.com)11/24 Report--

CTOnews.com, September 2 (Xinhua) according to Counterpoint Research's latest global electric vehicle tracking report, global electric vehicle sales increased by 50% in the second quarter of 2023 compared with the same period last year, with Tesla and BYD ranking in the top two.

Chinese vehicle manufacturers continue to dominate because of their domestic scale advantage, which accounts for 56% of global electric vehicle sales, according to the report on ▲ Tuyuan Counterpoint's official website. BYD Motors, GAC GROUP and Geely Holdings were three of the world's top five electric vehicle manufacturers last quarter. Counterpoint says that although none of these brands are household names in the West, they sell most of their cars in the Chinese market.

CTOnews.com with 2023 Q2 brand share:

Tesla's share was 20%, compared with 16% in the same period last year, and sales increased by 83% over the same period last year.

BYD's share was 15%, compared with 12% in the same period last year, and sales increased by 96% year-on-year.

Volkswagen's share was 7%, compared with 7% in the same period last year, and sales increased by 48% compared with the same period last year.

Geely's share was 6%, compared with 4% in the same period last year, and sales increased by 111% over the same period last year.

GAC's share was 6%, compared with 4% in the same period last year, and sales increased by 137% compared with the same period last year.

The report also said that product trends outside China have been skewed towards higher-end market segments, with most passenger electric cars sold being larger, more expensive and often more luxurious. According to data provided by Counterpoint, 61 per cent of electric vehicles sold in China are compact models, with retail prices usually less than $40000, while large and medium-sized electric vehicles account for 34 per cent, while the opposite is true in foreign markets.

Referenc

Global electric vehicle sales grew by 50% in the second quarter of 2023; there are different market segmentation trends in China and the global market.

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