In the global sales of pure electric vehicles (EV) and plug-in hybrid vehicles (PHV) from January to March 2023, China’s BYD’s share increased by 1.3 percentage points from the previous quarter to 21%. China, which accounted for 56% of global EV sales, grew 29% year on year.
According to Hong Kong-based research firm Counter point, in terms of global sales of pure electric vehicles (EV) and plug-in hybrid vehicles (PHV) from January to March 2023, China’s BYD (BYD) took the top spot with a share of 21 percent, up 1.3 percentage points from the previous quarter. Top spot for four consecutive quarters. Second place is the United States Tesla, up 3.9 percentage points year-on-year to 16%, is catching up. Tesla has increased its market share by cutting prices in China.
China, which accounted for 56% of global EV sales, grew 29% year on year. Although the Chinese government’s subsidies ended in December 2022, Tesla cut prices in January and various companies such as BYD followed suit, triggering price competition and boosting sales. In China, price competition is becoming increasingly fierce, and the survival of the fittest EV manufacturers may accelerate.
In terms of vehicle type, Tesla’s SUV “Model Y” ranked first in sales. According to Counter point, including gasoline cars, “they are also the best-selling cars in the world.” In second place is Tesla’s Model 3 sedan, followed by BYD’s ‘Song’. By manufacturer, BYD tops the list. The number of models is large, and five of the top 10 models are made by BYD.