December 2023 Marks New Heights in EV Sales with 1.5+ Million Units

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In December 2023, global EV sales reached an all-time high of 1.55 million plug-in car registrations, increasing by 23% year-over-year. However, the market share for plug-in cars remained at 22%, comparable to December 2022. In 2023, EV sales grew by 63% year-over-year, totaling over 10 million units. All-electric car sales surged by 55% to 9.4 million units, while plug-in hybrid sales climbed 47% to 4.1 million units.

Despite the sales growth, EVs only accounted for 16% of the global car market in 2023. In terms of geographic distribution, Europe held the highest market share (17%), followed by China (13%) and the US (6%). Over 80 car brands offered at least one BEV model in 2023.

Category December 2023 (est.) YOY Change 2023 Total YOY Change Market Share
BEVs 1,084,000 +20% 9,493,040 +30% 11%
PHEVs 470,000 +31% 4,196,251 +47% 5%
Total 1,556,728 +23% 13,689,291 +35% 16%

 

Regarding BEV registrations, a 20% increase was observed in December 2023, with all-electric car registrations reaching 1 million. However, the market share for BEVs stayed at 15%. Plug-in hybrid registrations also saw a 31% increase to over 470,000 in December 2023, driven primarily by China.

Challenges facing the EV market include price volatility, with Tesla cutting prices in China and Europe by 6% to 20%. The number of public charging stations globally was just 185,000 in 2023, requiring significant expansion. Battery metal prices also rose by 50% to 100% in 2023, affecting EV production costs.

Top 10 Best-Selling Plug-in Electric Cars – December 2023

Rank Model Registrations BEV/PHEV
1 Tesla Model Y 128,410 BEV
2 BYD Song Plus 76,086 BEV + PHEV
3 Tesla Model 3 56,896 BEV
4 BYD Qin Plus 44,701 BEV + PHEV
5 BYD Seagull 41,012 BEV
6 BYD Yuan Plus (Atto 3) 37,707 BEV
7 BYD Dolphin 30,510 BEV
8 Wuling Bingo 27,458 BEV
9 Wuling Hong Guang MINI EV 25,035 BEV
10 Aito M7 25,545 PHEV

 

Despite these challenges, the top 10 best-selling BEVs in 2023 included models from Tesla, BYD, Wuling, Volkswagen, and SAIC-GM-Wuling. Government subsidies remain vital, with China offering up to 12,600 yuan 7,500. Solid-state batteries, projected to reach mass production by 2025, are expected to increase EV range by 50% and reduce charging times.

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