The third quarter of 2023 witnessed a remarkable surge in the dynamic landscape of new energy vehicles (NEVs), with a total sales volume of 3.455 million vehicles, marking a substantial 28.1% YoY increase. Pure electric vehicles (BEVs) claimed the lion’s share, constituting around 70% of the sales, according to statistics released by TrendForce.
BYD Close Gap Set to Surpass Tesla
Tesla emerged as the frontrunner, securing the top rank in sales. However, the gap between Tesla and BYD, the second-place contender, has notably narrowed. The sales volume difference in the third quarter was less than a thousand units, and when factoring in BYD’s Denza brand, it surpassed Tesla.
Despite Tesla’s ongoing price reductions, the focus on the 260,000 to 300,000 price range has created a distinct market positioning, primarily targeting first- and second-tier cities.
BYD has risen to a competitive position against Tesla thanks to its strategic positioning and the addition of Denza to the sales calculation. The gradual changes in market conditions underscore BYD’s strategy of serving a wider range of customers, which helps explain the narrowing sales disparity.
Electric Vehicle Global Sales Ranking in Q3 2023
Tesla and BYD lead the pack with 18% each, topping the first ten global sales ranking of pure electric vehicles in the third quarter of the year, followed by GAC Eon (5.8%), Volkswagen (4.8%), and SAIC-GM-Wuling (4.6%).
BMW with 3.4% market share, Hyundai with 2.6%, and Mercedes-Benz with 2.5% spot the 6th, 7th, and 8th positions respectively. Notably, NIO, absent from the list for an extended period, secured the 9th position, indicating its resurgence in the market, while Kia, with 2.1%, maintained the 10th spot.
PHEV Segment and Future Outlook
On the other hand, the sales of plug-in hybrid electric cars (PHEVs) were strong, with BYD taking the lead. Lili took second place with a 10% market share and her first-ever quarterly sales of over 100,000. While Mercedes-Benz and BMW continued to be stable, worries about them being replaced, if not rapidly growing, persisted.
Meanwhile, according to TrendForce’s forecasts, the market for new energy cars is expected to rise by 32% by 2024, with a total volume of 17 million vehicles expected. A dynamic and revolutionary future for electric vehicles is being determined by the fierce competition among major competitors as the industry develops.
