The global race towards net zero is well and truly underway, with the transition from internal combustion engine (ICE) vehicles to electric vehicles (EV) playing a crucial role in achieving these climate ambitions.
Market trends and policy efforts in major car markets are supporting a bright outlook for EV sales, with analysis conducted by the International Energy Agency (IEA) estimating that by the end of 2023 EV sales could surpass 14 million units. This would represent 18% of total car sales versus the 14% recorded in 2022.
When you typically think about an electric vehicle the first thing that comes to mind is a Tesla. However, what you may not be aware of is that China is the dominant force in global EV sales, accounting for approximately 60% versus 8% for the U.S. at the end of 2022.
Source: BloombergNEF
According to the latest data from Bloomberg, Q3 2023 global car sales show that the Chinese automaker BYD, backed by Warren Buffet, has almost snatched the global EV crown from Tesla. BYD sold 431,603 full-electric vehicles globally, representing a 23% increase from the previous quarter and within a whisker of Tesla sales by just 3,456. Tesla delivered 435,059 cars during the same period.
If this trend continues into Q4, BYD will surpass the infamous Elon Musk’s Tesla, representing the first time Tesla has not been the number one EV company by sales since it overtook Nissan in 2019.
Source: Counterpart
Note: For Electric vehicles, Counterpart only considered battery EV’s in this study and has not incorporated numbers for the latest Q3 2023 sales.
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