New Delhi. Global passenger electric vehicle (EV) sales are set to grow by 53 percent (year-on-year) in the fourth quarter of 2022, reaching a total of 10.2 million (over 12 million) units for the year. This information was given in the report released on Monday. Tesla’s model was the top-selling model globally, followed by China-based BYD’s Song.
According to Counterpoint Research, during the fourth quarter of 2022, battery EVs (BEVs) will account for about 72 percent of all EV sales, while plug-in hybrid EVs (PHEVs) will account for the rest.
According to senior analyst Soumen Mandal, EV sales are expected to reach around 17 million units by the end of 2023.
The top three EV markets in 2022 were China, Germany and the US. The top 10 EV automotive groups, which have more than 39 passenger car brands, accounted for nearly 72 per cent of all EV sales in the fourth quarter of 2022.
Research analyst Abhik Mukherjee said, “The annual total for 2022 would have been closer to 11 million units had it not been for fresh COVID-19 infections in China.” Infections in China affected automotive production and sales during November and December. and disrupted the component supply chain.”
Despite these headwinds, Chinese brands have been able to register strong growth.
In 2022, many Chinese brands began to expand into markets such as Europe, Southeast Asia and Latin America.
“Southeast Asia and Latin America are likely to be dominated by Chinese brands as very few brands are operating in these regions. But a battle for market presence is expected in Europe,” Mukherjee said.
The top 10 EV models accounted for one-third of total passenger EV sales in the fourth quarter of 2022.
According to Mandal, EV sales are expected to reach around 17 million units by the end of 2023.
Mandal said, “The end of purchase subsidies in China may prompt EV makers to raise their prices. BYD has already implemented a price hike in January. But these price hikes will affect one of the most mature EV markets EV sales in India are unlikely to be affected.”(IANS)
read this also – Click to read the news of your state / city before the newspaper
