Digital Transformation Slows Down the Global Economy
BYD and Tesla Leads the Electric Vehicle Sales Globally in 2023
By Swapnil Palwe , 09 October, 2023
Electric vehicles (EVs) are ruling the automotive industry as the market is seeing exponential progress in 2023. BYD and Tesla dominate the electric vehicle sales worldwide in 2023. Sustainable mechanisms with technology are boosting the growth of electric vehicles. This electrification in the auto industry is set to cut the use of around 5 million barrels of oil per day by 2030.
According to the International Energy Agency (IEA), the worldwide sales of electric cars will surge in 2023 and will be one-fifth of the overall car market in 2023. Electric vehicles are bringing many changes to the car production industries globally. Thus, EVs are driving the emerging global energy economy currently. Based on the surveys, Chinese market leaders BYD and Tesla will run ahead in the race for electric vehicle sales globally in 2023. The data shows BYD sold around 1.2 million plug-in electric vehicles in the first quarter of 2023. The sales of electric plug-in vehicles by BYD in the first of 2023 are double those of BMW, Volkswagen, and Mercedes combined. BYD aims to move beyond China's borders, representing its six models in the European market at Munich. BYD sold 92,469 electric vehicles overseas in 2023; this total number of sales is more than in 2022.
As per the data, BYD has emerged as China's most popular car brand, with 12 percent of passenger car sales in the first quarter of 2023. Also, BYD is precisely the leading electric vehicles company in plug-in hybrid vehicles. Meanwhile, Tesla, the world's leading electric vehicle seller, sells 60 percent of its electric cars in countries outside the United States. The sales of Tesla have surged by 83 percent year over year in the second quarter of 2023, while BYD's battery electric vehicle (BEV) sales enhanced by 96 percent year over year in the second quarter of 2023. Thus, the recent survey reports have proved that Tesla and BYD have taken the lead in the worldwide electric vehicles market in 2023.
Global Passenger Electric Vehicle Market Share, Q2 2021-Q2 2023
Latest News
Digital Transformation Slows Down the Global Economy
Globally, the nations are facing downward momentum in their economic activities. The financial condition of advanced economies is declining rapidly in 2024. Surveys suggest that advanced economies are facing economic challenges due to various…
German Companies’ Joint Venture to Boost Large Scale Storage in 2024
The growing clean energy transition process is forcing companies to make significant decisions regarding the storage of clean energy. Germany's energy market surges in power with necessary steps towards uplifting clean energy. The increasing…
Consumers Behavior Makes Food and Beverage Companies World Leaders in FMCG Rankings
Fast moving consumer goods (FMCG) are the important goods that consumers use in their daily activities. These products are otherwise known as consumer-packaged goods, thus, they include a range of products, such as food and beverages, healthcare…
Need of More Renewable’s Growth to Replace Fossil Fuel’s Dominance in 2024
The energy sector will go through dynamic changes in 2024. This is due to the rapid growth of the clean energy transition in the energy sector. Hence, renewables like wind and solar energy are gaining momentum in the market. However, fossil fuels…
Global Economy Attains Stability, may Affect Consumers Behavior
The global economy faces new challenges in 2024 that economically represent both positive and negative aspects. According to survey data, the global economy will stabilize for the first time in three years. The world economy will experience economic…
Swapnil Palwe
Team Lead - Research
Latest News
German Companies’ Joint Venture to Boost Large Scale Storage in 2024
Consumers Behavior Makes Food and Beverage Companies World Leaders in FMCG Rankings
Need of More Renewable’s Growth to Replace Fossil Fuel’s Dominance in 2024
Global Economy Attains Stability, may Affect Consumers Behavior
