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European EV Sales Increased Over 13% YoY in Q1 2023 with Tesla Model Y as Bestseller

EV sales penetration dropped to 18.4% in Q1 2023 from 27.6% in Q4 2022
特斯拉模型Y是最畅销的EV模型all major countries except Spain.
EV sales penetration is expected to exceed 25% again by the end of the year.

London, New Delhi,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – July 5, 2023

Europe’s passenger electric vehicle* (EV) sales increased by more than 13% YoY in Q1 2023, according to the latest research from Counterpoint’sEurope Passenger Electric Vehicle Model Sales Tracker. While overall passengercar salesin Europe are showing signs ofimprovement, they have not yet reached pre-COVID-19 levels. In terms ofoverall EV sales, Germany led the pack, closely followed by the UK, France, Italy, the Netherlands and Norway. Meanwhile, the share of EVs in total passenger vehicle sales was the highest in Norway and the Netherlands.

In Q1 2023,Battery EV(BEV) salesjumped 32% YoYwhile plug-in hybrid EV (PHEV) sales declined 13% YoY. Consequently, the EV share of total passenger vehicle salesdeclinedduring the quarter from that a year ago.

Meanwhile, there has beennotable progressin the European market for Hybrid EVs (HEV) and mild-hybrid EVs (MHEVs). This indicates that Europe is making efforts to tap into the lower-end EV market while simultaneously developing battery ecosystems and fostering a circular economy. These initiatives are being undertaken before placing a stronger emphasis on pure EV sales.

Commenting on the market dynamics,Senior Analyst Soumen Mandalsaid, “In Q1 2023, mostEuropean EV saleswere captured by the top five automotive groups – Volkswagen Group, Tesla, Stellantis, Mercedes-Benz and Hyundai-Kia. They accounted for nearlytwo-thirdsof the market share. When it comes to pure electric vehicles (BEVs),Teslaholds the second position, slightly behindVolkswagen. In the plug-in hybrid electric vehicle (PHEV) market, Volkswagen takes the lead, followed byMercedes-BenzandBMW.”

“Chinese EV manufacturersstruggled to increase their market share in Europe during the quarter. However,MG, BYD, NIO, ORAandAiwaysmanaged to improve their sales compared to the previous year. On the other hand,LYNK & CO,HongqiandXpengfaced challenges in the European market. Nevertheless, we expect Chinese automakers to be able to enhance their market share in the coming quarters by offering cost-effective vehicles with advanced features, as the EV market is expected to perform better.”

Thetop-selling EV modelduring Q1 2023 was theTesla Model Y, followed by theVolvo XC40,Tesla Model 3, Volkswagen ID.3, and Audi Q4 e-tron. These top five models account for nearly a quarter of the total shipments. The Tesla Model Ydominatesthe market across major European countries, demonstrating Tesla’s strong brand presence in the region, except in Spain where it faces more competition.

Discussing the market outlook,Research Vice President Peter Richardsonsaid, “The penetration of EVs in total passenger vehicle sales in Europe experienced adeclinethis quarter, dropping to 18.4% from 27.6% in Q4 2022. This is a significant shift compared to the previous trend of continuous QoQ growth. Except France, all major countries experienced this decline during Q1 2023.”

“Several factors contributed to this decline, including theunstable economic conditionsand the removal of EV subsidies by Norway. Germany, the largest EV market in Europe, experienced a decline as thelooming recessionandcautious consumer spendinghurt the EV market. These circumstances impacted the overall adoption of EVs in the region. However, since April, the European region has shown signs of recovery. As a result, we expect the share of EVs to rebound andsurpass 25%again by the end of this year.”

*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brands/companies.

*The countries in this study include Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, the UK and Ukraine.

*For EVs, we consider only BEVs and PHEVs. Hybrid EVs and fuel cell vehicles (FCVs) are not covered by this study.

The comprehensive and in-depth ‘Europe Passenger Electric Vehicle Sales Tracker, Q1 2018-Q1 2023’ is now available for purchase atreport.www.arena-ruc.com.

Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts

Abhik Mukherjee

Soumen Mandal

Neil Shah

Peter Richardson

Follow Counterpoint Research

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China EV Sales Defy Subsidy Cuts, Maintain Strong Growth in Q1 2023

BYD continued to lead China’s increasingly competitive EV market.
The market share of foreign brands declined by 4% points.
EV sales are expected to exceed 8 million units in 2023.

Beijing, New Delhi,London,San Diego, Buenos Aires, Hong Kong, Seoul – June 27, 2023

China’s passenger electric vehicle* (EV) sales grew 29% YoY in Q1 2023, according to the latest research from Counterpoint’sChina Passenger Electric Vehicle Model Sales Tracker.Battery EVs(成为)由近70%of the sales. There was a remarkable88% YoYsurge inplug-in hybridEV (PHEV) sales as well. Recently, PHEVs have been experiencing increased popularity in China. BYD secured its leading position with 79% sales growth and 9.8% points increase in market share YoY. Thetop 10 automotive groups, encompassing28 brands, collectively accounted for over80%of the totalpassenger EV sales.

Commenting on the market dynamics,Senior Research Analyst Soumen Mandalsaid, “The discontinuation of the 13-year-old New Energy Vehicle (NEV) purchase subsidy, paired with theTesla-triggered price war, had an adverse impact on domestic EV start-ups. Especially, smart EV brands such asNIO,XpengandNetareported disappointing sales figures compared to the previous quarter. Foreign brands, likeVolkswagen,BMW,Mercedes-Benz,Tesla,HyundaiandNissan, experienced a combined 4% points decrease in market share compared to a year ago. However, Tesla stands out as an exception. Other foreign brands havestruggled to offer strong competitionto domestic brands. Furthermore, Chinese brands such asBYD Auto,Dongfeng Motors,FAW,Great Wall MotorsandGeely Auto冒险超越国内边界建立吗their presence across Europe, Latin America and Asia-Pacific.”

Eight of the top 10best-selling EV models were ofChinese originin Q1 2023. Except Tesla,no foreign modelswere able to secure a position in the top 10. Thetop 10 best-sellingmodelscollectivelyaccounted for46%of China’s passenger EV sales. Moreover, all the top 5 best-selling PHEV models in Q1 2023 were manufactured byBYD Auto.

Discussing the market outlook,Associate Director Brady Wangsaid, “Thegrowth trajectoryof China’s passenger EV market is expected to continuethroughout 2023. Othersupportive policieshave beenimplementedto boost the market’sgrowthafter the elimination of NEV purchase subsidies. In May, China’s Development and Reform Commission released a strategic document aimed at promoting EV adoption in rural areas. This will encourage auto manufacturers to introduce more affordable models, enhance sales systems, and facilitate trade-in services for rural consumers. We expect China’s EV sales toexceed8 millionunits by the end of 2023.”

*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brand/company.

*For EVs, we consider only BEVs and PHEVs. Hybrid EVs and fuel cell vehicles (FCVs) are not included in this study.

The comprehensive and in-depth ‘中国电动汽车客运销售跟踪,Q12018-Q1 2023’ is now available for purchase atreport.www.arena-ruc.com.

Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.

Background

Analyst Contacts

Soumen Mandal

Neil Shah

Brady Wang

Counterpoint Research

press@www.arena-ruc.com

EV Sales in US up 54.5% YoY in 2022; Tesla Market Share at 50.5%

BEVs accounted for 80% of EV sales in the US in 2022.
In 2022, Tesla captured over 50% of the US EV market.
EV sales are expected to exceed 1.9 million units in 2023.

New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul –April 4, 2023

Passenger electric vehicle* (EV) sales** in the US grew 54.5% YoY in 2022, according to the latest research from Counterpoint’sGlobal Passenger Electric Vehicle Model Sales Tracker. Battery EV (BEV) sales grew by almost 70% YoY to account for more than 80% of allEV salesin 2022. Tesla remained the market leader in 2022 with more than 50% market share. Tesla sold more cars than the other17 automotive groupscombined.

Commenting on the market dynamics,Research AnalystAbhik Mukherjeesaid, “Although overall passenger vehicle sales in the US declined in 2022, EV sales increased to represent 7% of all US passenger vehicle sales.Teslais dominating the US EV market while other automotive giants likeFord,General Motors,Stellantis,VolkswagenandHyundaiare struggling to provide strong competition. But still, we are seeing new players likeLucidMotors,Karma,FiskerandVinfastentering the US EV space, underlining the market’s potential. Moreover, with the recentprice cutsby Tesla and all versions of Tesla’s Model Y becoming eligible for theEV tax credit subsidy, it is expected that Tesla will take an even higher market share.”

The top10 best-sellingEV models accounted for69%of total EV sales in the US. All four Tesla models were present in the top-10 bestseller list for 2022. Hyundai’s IONIQ 5 and Kia’s EV6 made a significant impact, entering the list within a year of their US launch.

Discussing the market outlook,Research DirectorJeff Fieldhack说,“由于宏观经济公关高利率essures during 2022 negatively affected vehicle sales in the US. In2023, EV sales are expected to reach over1.9 million unitsbut only if economic headwinds do not severely impact the market, like in 2022. With automotive OEMs and battery manufacturers joining hands to set up battery manufacturing plants across the US, the battery supply chain is expected to become smoother and component costs will moderate, making the potential US EV market greater than10 million per year by 2030.”

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts

Abhik Mukherjee

Abhilash Gupta

Soumen Mandal

Jeff Fieldhack

Peter Richardson

Counterpoint Research

press@www.arena-ruc.com

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Electric Vehicles Gain Ground in Southeast Asia; Thailand Dominates Volumes

Thailand led the region’s passenger EV sales in 2022 with a 58% share.
Nearly two in three EVs sold in 2022 were BEVs.
Wuling’s newest model Air EV was the region’s bestseller.

New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul –March 31, 2023

Passenger electric vehicle (EV*) sales** in Southeast Asia (SEA^#) accounted for just under 2% of the region’s total passenger vehicle sales in 2022, according to the latest research from Counterpoint’sGlobal Passenger Electric Vehicle Model Sales Tracker.Thailandwas the most advanced, accounting for 58% of the region’s EV sales, followed byIndonesiaandVietnam. Thailand’s government has been pushing EV sales through demand-side incentives and corporate income tax incentives for EV manufacturers.

Wuling’s Air EVwas the best-selling model across the region in 2022, being one of the most affordable EV options. In terms of automotive groups,Vingroupled the SEA EV sales, closely followed byWuling(part of SAIC-GM-Wuling group) andVolvo(Geely Holdings subsidiary). Battery EVs (BEVs) represented 64.6% of the total EV sales while plug-in hybrid EVs (PHEVs) constituted the rest.

Commenting on the market dynamics,Research AnalystAbhilash Guptasaid, “Passenger EV demand is increasing gradually across the SEA region but sales are tiny compared toglobal EV sales, constituting just 0.5% of the global total for 2022. However, as geopolitical tensions are rising between China and the West, SEA is becoming an attractive option for Chinese auto manufacturers looking to expand abroad. Therefore, we can expect to see more production plants in SEA in the longer term, which will help boost EV sales.Thailandhas the largest auto manufacturing sector in SEA. It is aiming to leverage its manufacturing expertise to attract automakers to produce and sell EVs there.IndonesiaandVietnamhave the advantage of mineral resources, which gives them an edge over others in the region. The SEA countries have set lofty EV targets and have introduced many incentives to promote EV adoption among consumers and to attract EV manufacturers to set up bases.”

Source: Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker, Q4 2022

Commenting on the market outlook,Senior Analyst Soumen Mandalsaid, “Although EVs are currently a niche market in SEA, we do expect their sales to double in 2023. However, it will be difficult for the SEA countries to achieve theirEV targetsand increase the share of renewables in the electricity grid at the same time.

SEA countries have the opportunity to display their manufacturing capabilities and grow, given the interest of many international auto manufacturers to invest in the region. Those that enter the market early will have an edge, allowing them to secure a substantial share of the market. The SEA region could adopt the approaches taken byChinaandEurope, which provide incentives based on CO₂emission levels. Doing so would encourage both consumers and manufacturers to shift towards more environment-friendly vehicles.”

*For EVs, we consider only BEVs and PHEVs. This study does not include hybrid EVs and fuel cell vehicles (FCVs).

* *销售指批发figures, i.e., deliveries from factories by the respective brands/companies.

^#SEA includes Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

The comprehensive and in-depth ‘Global Passenger Electric Vehicle Sales Tracker, Q1 2018-Q4 2022’ is now available for purchase atreport.www.arena-ruc.com.

Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.

Background

Analyst Contacts

Abhilash Gupta

Soumen Mandal

Brady Wang

Peter Richardson

Counterpoint Research

press@www.arena-ruc.com

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One in Four Cars Sold in China in 2022 Was an EV With BYD Powering Country’s Outperformance

China’s EV sales almost doubled in 2022 with 87% YoY growth.
BYD led the market, followed by GM Group, Tesla, Geely Holding and GAC Group.
China’s EV sales are expected to exceed 8 million units in 2023.

New Delhi,London, Beijing,San Diego, Buenos Aires, Hong Kong, Seoul – March 15, 2023

China’s passenger electric vehicle* (EV) sales almost doubled in 2022, growing 87% YoY, according to the latest research from Counterpoint’sGlobal Passenger Electric Vehicle Model Sales Tracker. EVs now account for one in four cars sold in China. Interestingly, the share of battery EVs (BEVs) in the country’s total EV sales decreased in 2022, with plug-in hybrid EVs (PHEVs) increasing their share to 24%.Chinawas the second fastest-growing market among the world’s top 10 EV markets in 2022 in terms of sales. Japan was on top with a 119% YoY growth. Nevertheless, China accounted for nearly 59% of the global EV sales volume.

Commenting on the market dynamics,Senior AnalystSoumen Mandalsaid, “China’s EV market is the most vibrant globally. More than 94 brands cumulatively offer over 300 models ranging from just $5,000 to over $90,000. Local brands command 81% of the EV market, among whichBYD,Wuling,Chery,ChanganandGACare a few of the top players. China also has a wide range of EV start-ups, likeNio,Xpeng,Neta,AITO,IM Motors,Zeeker,AiwaysandLivan, which are performing well and are giving strong competition to established foreign brands.”

Mandal added, “In China,Teslaexperienced a nearly 5% YoY drop in its market share due to production halts in April and May 2022 caused by the resurgence of COVID-19. Although production resumed at full capacity in June, Tesla faced challenges such as the availability of a limited product mix, increased costs due to a difficult supply situation, competition from affordable options offered byEVstart-ups, and domestic sentiment that hindered its efforts to solidify its position in the Chinese market. Meanwhile,BYDincreased its market share by more than 11% YoY in 2022, with six out of the top 10 models in the Chinese market coming from the brand, compared to just three in 2021.”

In 2022, the top 10 EV models accounted for almost 45% of the total EV sales, a 3% decrease from 2021. This suggests that new start-ups are offering strong competition to established players. Further, in Q4 2022, theBYDSongsurpassed theWuling Hongguang MINI EVas the top-selling EV model, ending the latter’s eight-quarter reign in the market.

Discussing the market outlook,Associate DirectorBrady Wangsaid, “We expect EV sales to exceed 8 million units in 2023. In January 2023, BYD raised its EV prices by $250-$900 due to the rising cost of raw materials and phasing out of EV purchase subsidies. Later, in February and following Tesla, BYD announced price reductions. The prices of the 2021 versions of the Han and Qin models were reduced by an average of $2,500. The prices of new BYD models were slashed by $860-$1,150. The phasing out of subsidies and the wealth of EV players can easily lead to aprice waras brands fight formarketshare.”

*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brands/companies.

*For EVs, we consider only BEVs and PHEVs. Hybrid EVs and fuel cell vehicles (FCVs) are not included in this study.

The comprehensive and in-depth ‘Global Passenger Electric Vehicle Sales Tracker, Q1 2018-Q4 2022’ is now available for purchase atreport.www.arena-ruc.com.

Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.

Background

Analyst Contacts

Soumen Mandal

Abhik Mukherjee

Brady Wang

Neil Shah

Peter Richardson

Counterpoint Research

press@www.arena-ruc.com

RelatedPosts

Thailand Leads Southeast Asia EV Market With 60% Share

Southeast Asia’s electric vehicle sales grew 35% YoY in Q3 2022.
The top five brands accounted for almost 67% of the region’s passenger EV sales.
The sales are expected to cross 3.5 million units by 2030 at a CAGR of 124%.

New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul –December 21, 2022

Passenger electric vehicle (EV*) sales** in Southeast Asia (SEA)^#grew 35% YoY in Q3 2022, according to the latest research from Counterpoint’sGlobal Passenger Electric Vehicle Model Sales Tracker. Thailand registered the highest EV sales volume in the region, capturing almost 60% share, followed by Indonesia and Singapore. Battery EVs (BEVs) constituted 61% of the sales and plug-in hybrid EVs (PHEVs) the rest. The top five brands accounted for almost 67% of the EV sales in SEA.Wulingemerged as the best-selling EV brand followed by Volvo and BMW.

Commenting on the market dynamics,Research Analyst AbhilashGuptasaid, “Although thepassenger EV salesin SEA are small compared to other regions, the demand is gradually increasing. Currently, EV sales are just a tad over 2% of total passenger vehicle sales in the region. Many OEMs are setting up or are planning to set up manufacturing plants across the region due to favorable policies, subsidies and incentives by major SEA countries like Thailand, Indonesia, Singapore and Malaysia.”

Market summary

Thailand’s EV market has grown tremendously this year, making it SEA’s undisputed EV leader. The country grabbed almost 60% of EV sales in SEA in Q3 2022. It aims to achieve 100% domestic sales from BEVs by 2035. Subsidies, excise duty waivers and import tax reductions have put Thailand on the right path in its EV journey.

Indonesiatook 25% share in the SEA passenger EV market sales for Q3 2022. Also, during Q3, the country registered its highest EV sales volume till now. The Wuling Air EV model launched during this quarter became an instant hit here and was the best-selling EV model. Recently, many companies have announced plans for setting up EV battery production units in Indonesia, which is in line with the country’s target to build 140 GWh of battery capacity by 2030. Indonesia is a major player in vehicle production in SEA.

Singapore,another growing EV market, captured almost 12% share of the SEA EV sales. It has a target to achieve 100% zero-emission vehicle sales by 2030 and has introduced various incentives, policies and schemes to increase EV adoption. Alongside, it is also trying to develop a well-connected network of 60,000 charging points by the end of this decade.

Malaysiaonly had a 3% share in the SEA EV market in Q3 2022. Nonetheless, the Malaysian government is supporting the adoption of EVs and has exempted EVs from road, import, excise and sales taxes. Further push to develop charging infrastructure will boost EV sales.

Vietnamannounced zero registration fee for EVs in March 2022. Vinfast, the major EV brand, recently discontinued its ICE models to focus on EVs. The future looks promising for the EV market to flourish in Vietnam.

Commenting on the market outlook,Senior Analyst Soumen Mandalsaid, “The SEA region’s automotive sector is mainly occupied by Japanese OEMs. However, with the shift in focus to EVs, they are facing stiff competition from theChinese, South Korean and few local players. Affordability remains a major bottleneck for the region’s EV growth. But the scenario is changing with the availability of some cheaper EV options by Wuling, BYD, GWM and SAIC. Unlike developed EV markets such as the US andEurope, low-priced EV options are gaining popularity in emerging markets like Thailand and Indonesia. According to Counterpoint’sGlobal Passenger Vehicle Forecast, the SEA EV market is expected to grow at a fast pace and by the end of this decade EV sales are expected to cross the 3.5-million mark at a CAGR of 124%.”

*For EVs, we consider only BEVs and PHEVs. This study does not include hybrid EVs and fuel cell vehicles (FCVs).

* *销售指批发figures, i.e. deliveries from factories by the respective brands/companies.

^#SEA here includes Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

The comprehensive and in-depth ‘Global Passenger Electric Vehicle Sales Tracker, Q1 2018-Q3 2022’ is now available for purchase atreport.www.arena-ruc.com.

Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.

Background

Analyst Contacts

Abhilash Gupta

Soumen Mandal

Brady Wang

Peter Richardson

Counterpoint Research

press@www.arena-ruc.com

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China Smartphone Subsidy Outlook

Despite the Government’s subsidy policy, subsidy plans in the Chinese market have increased in 2017. Total Operator Subsidy in the market will rise to US$30.1B in 2017.

Table of Contents:

Key takeaways
Chinese Handset Market Overview
Profitability and Marketing Cost by Carrier
Yearly Subsidy Trend in Handset market
Yearly Subsidy Trend by Carrier
Distribution Channel：Long-term and short-term targets

Number of Sheets: 12
Author:Jene Park(info@www.arena-ruc.com)
Published Date: July 2017

You can find more reports on our华体会游戏网址.

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Insights Tag:subsidy

European EV Sales Increased Over 13% YoY in Q1 2023 with Tesla Model Y as Bestseller

China EV Sales Defy Subsidy Cuts, Maintain Strong Growth in Q1 2023

Related Posts

EV Sales in US up 54.5% YoY in 2022; Tesla Market Share at 50.5%

Electric Vehicles Gain Ground in Southeast Asia; Thailand Dominates Volumes

One in Four Cars Sold in China in 2022 Was an EV With BYD Powering Country’s Outperformance

Thailand Leads Southeast Asia EV Market With 60% Share

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