Global New Energy Vehicle Sales Reach 2.656 Million Units in Q1, Tesla Reclaim Market Share, Says TrendForce

May 31, 2023 ---- TrendForce reports the total sales of New Energy Vehicles (NEVs)—comprising BEVs, PHEVs, and FCVs—reached 2.656 million units in the first quarter of 2023, marking a 28% YoY increase. Sales of BEVs contributed 1.942 million units to this total, a YoY growth of 26%, while PHEV sales amounted to 711,000 units, signifying a 34% YoY increase.

Tesla's strategic move to reduce prices resulted in a record-breaking first quarter, with sales reaching 423,000 units and boosting its market share to 21.8%. This considerable resurgence comes after three consecutive quarters where Tesla's BEV market share slipped below 20%, illustrating the immediate impact of price adjustments in market consolidation. BYD and Wuling secured second and third positions, respectively. However, Wuling, primarily known for its economical mini EVs, reported a notable dip in sales, selling less than 80,000 units in the first quarter. This drop can be primarily attributed to the influx of competitors in the low-cost mini-vehicle market. Hyundai and Kia took sixth and ninth places, respectively, with Hyundai achieving a new quarterly sales record. Volkswagen secured the fifth position, and two major luxury car brands, BMW and Mercedes-Benz, also made the list, indicating their hastened pace toward electrification.

BYD continues its dominance of the PHEV market with a solid 37% market share. Denza, an EV brand co-founded by BYD and Daimler, climbed to the eighth position in the first quarter. BYD's strategy of diversification continues to evolve positively, with the imminent introduction of the high-end luxury brand Yangwang. Li Auto ascended to second place in the first quarter, with multiple models contributing to its quarterly sales of 52,000 units, increasing its market share to 7.3%. The three major European luxury brands—BMW, Mercedes-Benz, and Volvo—held onto their top spots in the PHEV sales rankings, despite experiencing a YoY decline in sales.

TrendForce asserts that as countries worldwide work towards increasing the proportion of zero-emission vehicles, sales of new energy vehicles are expected to continue their upward trajectory. This rise, thereby boosting their representation in the overall vehicle market, will create new opportunities within the automotive industry. However, the second half of the year could bring uncertainties due to factors such as high inflation, escalating interest rates, and potential consumer spending cuts. Additionally, the ability of smaller car manufacturers to weather these economic challenges remains unclear.

For more information on reports and market data from TrendForce’s Department of Semiconductor Research, please click here, or email Ms. Latte Chung from the Sales Department at lattechung@trendforce.com

For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insider.trendforce.com/

Media Contact

Ms. Esther Feng

Tel: +886-2-8978-6488 ext. 667
estherfeng@trendforce.com

Ms. Pinchun Chou

Tel: +886-2-8978-6488 ext. 669
pinchunchou@trendforce.com


About TrendForce
 (www.trendforce.com)
TrendForce
TrendForce is a global provider of the latest development, insight, and analysis of the technology industry. Having served businesses for over a decade, the company has built up a strong membership base of 500,000 subscribers. TrendForce has established a reputation as an organization that offers insightful and accurate analysis of the technology industry through five major research divisions: Semiconductor Research, Display Research, Optoelectronics Research, Green Energy Research, ICT Applications Research. Founded in Taipei, Taiwan in 2000, TrendForce has extended its presence in China since 2004 with offices in Shenzhen and Beijing.

 

Disclaimers of Warranties
1. The website does not warrant the following:
1.1 The services from the website meets your requirement;
1.2 The accuracy, completeness, or timeliness of the service;
1.3 The accuracy, reliability of conclusions drawn from using the service;
1.4 The accuracy, completeness, or timeliness, or security of any information that you download from the website
2. The services provided by the website is intended for your reference only. The website shall be not be responsible for investment decisions, damages, or other losses resulting from use of the website or the information contained therein<
Proprietary Rights
You may not reproduce, modify, create derivative works from, display, perform, publish, distribute, disseminate, broadcast or circulate to any third party, any materials contained on the services without the express prior written consent of the website or its legal owner.

Tokushima, Japan - 6 March 2024: Nichia, the world's largest LED manufacturer and inventor of the high-brightness blue and white LED, has started mass production of the new UV-B (308nm) and UV-A (330nm) LEDs in its popular 434 Series packa... READ MORE

New XLamp® S Line LEDs enhance growth, last longer, lower energy costs Horticulture and other forms of agricultural lighting require application-tuned ratios of spectral content, high efficacy and long lifetimes. Whether you are interested... READ MORE