Indian Ferro Alloys Faces Numerous Challenges in 2024
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
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Swapnil Palwe
Team Lead - Research
