Automotive: EV sales reach close to 2 Million in 1Q 2023, yoy growth of 26%

Market researcher TrendForce finds the total sales of New Energy Vehicles (NEVs) comprising battery-electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel-cell vehicles (FCVs) reached 2.656 million units in the first quarter of 2023, marking a 28% YoY increase. Sales of BEVs contributed 1.942 million units to this total, a YoY growth of 26%, while PHEV sales amounted to 711,000 units, signifying a 34% YoY increase. Further findings shared by TrendForce includes: Tesla's strategic move to reduce prices resulted in a record-breaking first quarter, with sales reaching 423,000 units and boosting its market share to 21.8%. This considerable resurgence comes after three consecutive quarters where Tesla's BEV market share slipped below 20%, illustrating the immediate impact of price adjustments in market consolidation. BYD and Wuling secured second and third positions, respectively. However, Wuling, primarily known for its economical mini Evs, reported a notable dip in sales, selling less than 80,000 units in the first quarter. This drop can be primarily attributed to the influx of competitors in the low-cost mini-vehicle market. Hyundai and Kia took sixth and ninth places, respectively, with Hyundai achieving a new quarterly sales record. Volkswagen secured the fifth position, and two major luxury car brands, BMW and Mercedes-Benz, also made the list, indi...