▲Global EV sales trends (Image source: SNE Research)


China's BYD, BEV·PHEV, records 2.88 million units, world's No. 1
Hyundai Motor Group records 560,000 units, up 10.4% year-on-year, 7th in the world

Despite concerns that demand for electric vehicles could decline at an accelerating rate, the global electric vehicle market finished 2023 with robust demand, growing 33.4%.

SNE Research reported on the 8th that the number of electric vehicles registered around the world between January and December 2023 was approximately 14,061,000 units, up approximately 33.4% year-on-year.

Looking at the number of electric vehicles sold by major groups from January to December 2023, BYD, the leading Chinese electric vehicle company, maintained its global No. 1 position with a 58.3% growth rate compared to the same period last year.

BYD took the highest market share with its diverse lineup of BEVs and PHEVs, including Song, Yuan Plus (Atto3), Dolphin, and Qin.

Tesla finished 2023 having delivered more than 1.8 million vehicles to customers, a 37.7% increase over the same period last year.

Sales of its flagship models, Model 3 and Y, were brisk, and in particular, Model Y contributed to sales growth by selling over 1.2 million units, a 60.8% increase year-on-year.

Volkswagen Group, which ranked third, has the ID series and the Audi Q4 and Q8 E-Tron, Skoda ENYAQ models were delivered to customers in approximately 990,000 units, showing a growth rate of 20.7%.

▲Electric vehicle sales statistics in 80 countries around the world (Image source: SNE Research)

Hyundai Motor Group sold more than 560,000 units, led by the Ioniq 5 and 6, EV6, Niro, and Kona, recording a 10.4% growth rate compared to the same period last year.

Hyundai Motor Group, which achieved new records in both sales and operating profit in 2023, announced that it will increase the global awareness of its dedicated electric vehicle brand 'Ioniq' and continue to strengthen its hybrid lineup to expand sales of eco-friendly vehicles.

Kia also plans to attack the eco-friendly car market by actively releasing new cars such as the EV3, 4, and 5.

▲Based on electric vehicles delivered to vehicle purchasers and registered in each country during the period (Image source: SNE Research)

By region, China maintained its position as the world's largest electric vehicle market with a market share of 59.8%.

China's current growth is driven by battery supply andBYD, a vertically integrated company that also manufactures trains, is leading the way.

BYD, which secured high profitability through an optimized business structure and stopped producing internal combustion engine vehicles to focus on new energy vehicles, sold about 2.771 million new energy vehicles out of 8.413 million units in China this year, accounting for one in three.

Meanwhile, uncertainties related to the slowdown in demand for electric vehicles are expected to continue in 2024, and a slowdown in demand for electric vehicles is also appearing.

The waiting period for electric vehicles in our country is one month, while that for hybrid cars is up to 20 months, indicating that the demand for electric vehicles is slowing down rapidly.

In addition, the general opinion is that the initial purchase demand of early adopters is over, and it is necessary to target consumers who consider more reasonable prices and performance.

As fuel efficiency regulations and subsidy policies become increasingly stringent and charging infrastructure remains inadequate, it seems necessary to expand the lineup of diverse low- to mid-priced electric vehicles while the trend toward price over performance continues.