According to the latest data and estimates, electric vehicle (EV) sales reached a 10% market share in 2022, driven mainly by robust growth in China and Europe.
A report from Reuters states thatĀ EV sales rose despite the global automotive sector’s struggle with economic uncertainty, inflation, and production issues.
Citing LMC Automotive and EV-Volumes.com, the report added that the global sales of EVs increased by 68% to 7.8 million units.
Ralf BrandstƤtter, president of Volkswagen AG’s China operations, told the media that EVs will continue taking over at a swift pace. He foresaw that China’s car market will soon only consist of hybrid electric vehicles (HEVs) and pure EVs.
Brandstatter stated:
Last year, every fourth vehicle we sold in China was a plug-in, and this year it will be every third auto. We havenāt reached the tipping point yet, but weāre expecting to get there between 2025 and 2030.
While the US market remains behind China and Europe in EV adoption, the US-based carmakers shipped 807,180 EVs last year, bringing their international market share up to 5.8% from 3.2% last year. With new EV models, conventional automakers are closing Tesla’s advantage.
According to VDA ā the German automotive group ā 25% of new car production in Europe’s largest auto market in 2022 was all-electric. In Germany, EVs outsold conventional automobiles in December 2022.
China, which sold two-thirds of fully electric cars last year, is catching up to Western automakers and expanding into Europe and the US.
According to a survey by the director of the German automotive-research firm Center of Automotive Management Stefan Bratzel, Tesla led the global sales of EVs, followed by Chinese manufacturers BYD Co., SAIC Motor Corp, and VW group brands respectively.
Ford is the second-largest US EV manufacturer by sales, behind Hyundai Motor Co. and Kia Corp. Last year, GM, VW, and Nissan lost US EV market share to these automakers.
Due to economic uncertainties and decreasing cash discounts on EVs across the globe, economists warn that replicating last year’s EV success in 2023 may be tough.
