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.
