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Global EV sales in 2022 cross 10.2m, China leads the way
By Sam Varghese07 March 2023 11:19
Global sales of electric vehicles in 2022 crossed 10.2 million, a rise of 65% year-on-year, the technology analyst firm Counterpoint Research says, adding that this figure would have crossed 11 million were it not for the resurgence of COVID-19 in China.
The firm said EV sales had risen by 53% year-on-year during the fourth quarter, but did not provide any figures for this period. However, it said battery EVs accounted for about 72% of sales.
Counterpoint said the top three EV producing countries were China, Germany and the US, with the top 10 automotive groups, which accounted for 39 brands, being responsible for about 72% of sales.
Research analyst Abhik Mukherjee observed: “EV sales were at an all-time high during Q4 2022. The annual total for 2022 would have reached close to 11 million units had fresh COVID-19 infections not surfaced in China.
"COVID-19 infections in China during November and December affected automotive production and sales and disrupted the component supply chain. Despite these headwinds, Chinese brands managed to record strong growth.
"In fact, in 2022, many Chinese brands started to expand in markets like Europe, Southeast Asia and Latin America. Chinese brands are likely to dominate in Southeast Asia and Latin America as there are very few brands operating in these regions. But a fight for market presence is expected in Europe.”
The top 10 EV models accounted for a third of all EV sales in the final quarter and seven of these 10 were from BYD and Wuling, both Chinese firms.
Senior analyst Soumen Mandal said: “EVs are becoming mainstream faster than expected. By the end of 2023, EV sales are expected to reach nearly 17 million units. This year, the US’ EV sales will see a boost as models become slightly more affordable due to the US$7500 tax credit.
"The end of the purchase subsidy in China might push EV manufacturers to increase their prices. BYD has already implemented one price hike in January.
"But these price hikes are unlikely to affect EV sales in one of the most mature EV markets. Lithium prices are also expected to come down during the second half of 2023, which will benefit EV sales.”
iTWire - Global EV sales in 2022 cross 10.2m, China leads the way
Global sales of electric vehicles in 2022 crossed 10.2 million, a rise of 65% year-on-year, the technology analyst firm Counterpoint Research says, adding that this figure would have crossed 11 million were it not for the resurgence of COVID-19 in China. The firm said EV sales had risen by 53%...
