2023Q3 Global Pure Electric Vehicle Battle Report BYD catches up with Tesla, accounting for 17

IT Home reported on December 19 that according to the latest report released by market research agency Counterpoint Research,Global passenger electric vehicle (BEV) sales increased by 29% year-over-year in Q3 2023.

According to the report, China is still the world's largest pure electric vehicle market, but due to factors such as a weak economic outlook and fierce competition, China's pure electric vehicle sales in the third quarter increased by only 11%, which is lower than the global average.

Be that as it may,Chinese EV brands have successfully sold more than 130,000 BEVs abroad, a 4x increase compared to Q3 2022.

Tesla, BYD Auto, and Volkswagen are the best-selling BEV groups. BYD Auto (excluding Denza) has caught up with Tesla, up 68% year-over-year, and both now have a market share of 17%, with BYD up 4 percentage points from the same period last year and is expected to overtake Tesla as the global leader in the fourth quarter.

Broken down into models, the top five are occupied by Tesla and BYD, with Tesla's Model Y being the world's best-selling all-electric model, while the Model 3 is in third placeBYD occupies a total of 3 seats, of which the Yuan Plus is the best-seller, ranking second;BYD's Dolphin ranked fourth and Seagull fifth.

Senior Analyst Soumen Mandal said:

China still accounts for 58% of the global BEV market, with the U.S. accounting for about 12%. Germany is the third largest market for battery electric vehicles, also growing by more than 60% per year.

Adoption of BEVs is also on the rise in emerging economies such as India and Southeast Asia due to sound choices, with the U.S. market expanding significantly throughout 2023.

Annual BEV sales are expected to reach nearly 10 million units by 2023.

The reduction in the cost of lithium-ion batteries and the development of low-cost alternative battery chemistries will help improve the affordability of BEVs.