3.455 million NEVs sold globally in 3rd Q 2023, grew at 47.8% year-over-year

Total global sales of New Energy Vehicles (NEVs), including BEVs, PHEVs, and FCEVs, soared to 3.455 million in 3rd Quarter 2023, grew at 47.8% year-over-year, as per latest study by TrendForce. Below we share more details from its latese release: TrendForce’s latest investigations reveal groundbreaking developments in the NEV sector for 3Q23. Total sales of NEVs, including BEVs, PHEVs, and FCEVs, soared to 3.455 million units and registered a substantial 28.1% YoY growth. While BEVs accounted for about 70% of these sales, the standout performers this quarter were PHEVs, which saw a staggering YoY growth of 47.8%—contributing significantly to the momentum of the NEV market. In a close race among the top 10 BEV brands for Q3, Tesla and BYD were neck-and-neck as BYD trailed behind by less than a thousand units. When sales of BYD group’s subsidiary brand Denza are included, BYD actually surpassed Tesla. BYD’s diverse and extensive product line—ranging from its affordably priced Seagull model (CNY 70,000) to models catering to the CNY 150,000 to 200,000 price range—has enabled the brand to expand its market reach beyond first and second-tier cities. Despite Tesla’s continuous price cuts, its focus on the CNY 260,000 to 300,000 price range primarily targets consumers in first and second-tier cities. This strategic difference between BYD and Tesla has led to a narrowing...