BYD, Tesla surge ahead, dominating global EV market in Q1-Q3 2023 rankings

BYD, Tesla surge ahead, dominating global EV market in Q1-Q3 2023 rankings

The global surge in plug-in electric car sales surpassed 9.4 million units in the first nine months of 2023, with Chinese electric car maker BYD and American electric car pioneer Tesla Motors maintaining their strong footholds in the all-electric domain.

As per EV-Volumes stats, shared by researcher Jose Pontes, only five Original Equipment Manufacturers (OEMs), including BYD and Tesla, continued to be responsible for more than half of all plug-in car sales in the January to September quarter of this year. Other OEMs in the list of the top manufacturers were: Volkswagen Group, Geely-Volvo, and SAIC.

A total of 9,459,019 plug-in cars were sold in the period under review, and BYD Group accounted for 2,070,528 of them, representing 21.9 per cent share of the market vs. 17.3 per cent in the corresponding period of the previous year. Elon Musk-led Tesla accounted for 1,323,868 of the total plug-in car sales, representing 14 per cent share of the market, vs. 13.3 per cent.

Volkswagen Group sold 683,921 plug-in cars, grabbing 7.2 per cent share vs. 8.0 per cent year-ago. Geely-Volvo sold 579,005, and saw its market share increasing from 5.7 per cent to 6.1 per cent; while SAIC (including SAIC-GM-Wuling) sold 514,670 units, with its market share declining from 7.6 per cent to 5.4 per cent. The collective prowess of the top five OEMs elevated the rechargeable car share to an impressive 54.7 per cent, which marks a significant leap from the 52 per cent share in the corresponding nine-month period of last year.

With nearly 22 per cent and 14 per cent market shares of BYD and Tesla, respectively, the two popular brands accounted for nearly 36 per cent of the total plug-in market. These figures not only command attention but also applause for their immense impact.

In the fast-evolving realm of battery-electric vehicles (BEVs), American EV brand Tesla continues to be the undisputed leader, maintaining its top position with sales of nearly 1.3 million units. This impressive sales figure translates to a substantial 20.1 per cent share of the BEV segment, solidifying the brand’s status as the front-runner in the ongoing electrification race. In the meantime, BYD's formidable growth propelled it to more than 1 million units, with a market share of approx. 15.9 per cent. The Chinese manufacturer’s dynamic growth positions it as a formidable contender, gradually closing in on Tesla's electric dominance in the evolving landscape of EVs.

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