Global EV sales up 49% to 6.2 million units in H1 2023, with 55% of vehicles sold in Mainland China
Market researcher Canalys reports from its latest finding that the worldwide sales of electric vehicles (EVs) grew by 49% to 6.2 million units in H1 2023. EVs constitute 16% of the global light vehicle market, marking a significant increase of 12.4% from the first half of 2022.
Further analysis and charts shared by Canalys:
The first half of 2023 saw strong growth in the EV market, reflecting increasing EV popularity. Mainland China was by far the largest EV market, with 55% of global EV sales in H1 2023, a total of 3.4 million units. This represents 31% of all light vehicle shipments in the region, up from 15% in the full year 2021. “China’s growth rate in H1 2023 stood at 43%, a notable decrease from the extraordinary 118% seen in H1 2022. The end of Mainland China’s EV support scheme caused disruption, uncertainty, and a price war,” said Canalys Principal Analyst Jason Low. “While a huge choice of EVs is available in China, no single model has over 10% market share. BYD is the leading EV brand in China, but the Tesla-led price war has been challenging for smaller brands,” Low added. Compared to overseas markets, China retains a crowded and highly competitive market, which is on the verge of consolidation and reshuffling. “Price wars have caused more automakers to focus on cost r...
The first half of 2023 saw strong growth in the EV market, reflecting increasing EV popularity. Mainland China was by far the largest EV market, with 55% of global EV sales in H1 2023, a total of 3.4 million units. This represents 31% of all light vehicle shipments in the region, up from 15% in the full year 2021. “China’s growth rate in H1 2023 stood at 43%, a notable decrease from the extraordinary 118% seen in H1 2022. The end of Mainland China’s EV support scheme caused disruption, uncertainty, and a price war,” said Canalys Principal Analyst Jason Low. “While a huge choice of EVs is available in China, no single model has over 10% market share. BYD is the leading EV brand in China, but the Tesla-led price war has been challenging for smaller brands,” Low added. Compared to overseas markets, China retains a crowded and highly competitive market, which is on the verge of consolidation and reshuffling. “Price wars have caused more automakers to focus on cost r...
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