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Global passenger electric vehicle (EV) sales in Q1 2023 rose 32% YoY, according to the latest research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker. One in every seven cars sold during Q1 2023 was an EV. Battery EVs (BEVs) accounted for 73% of all EV sales during the quarter, while plug-in hybrid EVs (PHEVs) made up the rest.
The US surpassed Germany to become the world’s second-largest EV market in Q1 2023 while China remained the leader. In China, EV sales experienced a remarkable 29% YoY growth, despite a 12% decline in overall sales of passenger vehicles in the country. In the US, EV sales soared over 79% YoY during the quarter.
The top 10 automotive groups, encompassing 48 automotive brands, dominated the global EV market in Q1 2023, capturing three-fourths of the total global EV sales. Among the leading EV manufacturers, BYD secured the top position with a market share of 21.10%. Tesla closely followed with a market share of 16.01% while Volkswagen and Geely held market shares of 6.88% and 5.86%, respectively.
The top 10 EV models accounted for 37% of the total passenger EV sales in Q1 2023. Tesla’s Model Y remained the best-selling model globally followed by Tesla’s Model 3 and BYD’s Song. In Q1 2023, Tesla’s Model Y achieved the notable distinction of becoming the best-selling passenger car model worldwide, surpassing even conventional fuel vehicles.
Although sales of the traditional internal combustion engine (ICE) vehicles remained stable in Q1 2023 compared with that in the year-ago period, the significant growth in EV sales indicates a rapid transition from traditional vehicles to Evs. By the end of 2023, global EV sales are expected to surpass 14.5 million units, according to the research company.
