Worldwide battery electric vehicle sales reach record levels
Bank of America tracked electric vehicle sales for December and the full year of 2023. In December 2023, worldwide Battery Electric Vehicle (BEV) sales reached a new peak with 1.1 million vehicles.
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In China, BEV sales showed a significant increase of 38% compared to the same month last year, while also recording a 32% rise in the fourth quarter. In the European Union, BEV sales in December experienced a 20% decline, attributed to the removal of financial incentives from the previous year. Despite this decline, the market share of BEVs in the EU hit a record high of over 22% in December.
60 PERCENT INCREASE RECORDED
Bank of America reports that looking at the full year of 2023, there was a significant increase in global BEV sales, with a total of 10 million vehicles sold. This represents a 30% increase compared to the previous year and an addition of 2.3 million vehicles. However, the growth rate slowed compared to 2022, when there was a 60% increase and 2.9 million more vehicles were sold compared to the year before.
The United States exceeded estimates with a 47% year-over-year increase in BEV sales, raising its market share by 1.4 percentage points to reach approximately 12%. Europe's BEV sales increased by 33% compared to the previous year, raising its market share by 0.6 percentage points to 22.5%.
Although China's BEV market expanded by approximately 20% compared to the previous year, it must be acknowledged that China's initial sales volume was much larger.
In absolute numbers, China contributed approximately 1 million vehicles to the worldwide increase in BEV sales in 2023, accounting for nearly half of the total global growth and outpacing all other regions.
MAINTAINS LEADERSHIP IN THE MARKET
In global market share, BYD surpassed Tesla (TSLA) in the second half of 2023, recording a 3.8 percentage point increase. Tesla maintained its leadership in the BEV market with an 18.1% global market share, a 1 percentage point increase compared to the previous year.
In the European Union, Volkswagen was the only automaker to increase its market share, with a slight rise of 0.1 percentage points. In contrast, Stellantis' (STLA) BEV sales declined ahead of the launch of new models planned for 2024.
Among European premium automakers, BMW surpassed Mercedes-Benz in BEV sales, increasing its market share by 0.9 percentage points to 4.2%, while Mercedes-Benz held a 2.4% share. In the United States, General Motors (GM) increased its market share by 0.6 percentage points, surpassing Ford (F), which saw a 0.2 percentage point decline.