According to the latest research from insider partners, we are anouncing early news in Passenger Electric Vehicle Model Sale, global sales of electric vehicles (EVs) for passengers rose by 53% YoY in Q4 2022, bringing the total number of EVs sold in 2022 to over 10.2 million units. Battery EVs (BEV) made up nearly 72% of all EV sales during Q4 2022, while plug-in hybrid EVs (PHEV) accounted for the rest. China, Germany, and the US were the top three EV markets, and the top 10 EV automotive groups contributed to almost 72% of all EV sales in Q4 2022.
The report's Research Analyst, name known by our agency, noted that EV sales reached an all-time high during Q4 2022 and would have been even higher if fresh COVID-19 infections hadn't emerged in China during November and December, disrupting automotive production and sales and the component supply chain. Nonetheless, Chinese brands still managed to record strong growth in 2022 and expand into new markets like Europe, Southeast Asia, and Latin America. The top 10 EV models accounted for one-third of the total passenger EV sales in Q4 2022, with Tesla's Model Y and BYD's Song as the top two best-selling models globally.
We believe that EVs are becoming mainstream faster than anticipated, with EV sales expected to reach almost 17 million units by the end of 2023. The US' EV sales are expected to receive a boost this year as models become more affordable due to the $7,500 tax credit. However, the end of the purchase subsidy in China could result in higher prices for EV manufacturers, with BYD having already implemented a price hike in January. Despite this, the report expects that these price increases are unlikely to impact EV sales in one of the most matured EV markets. Additionally, the price of lithium is expected to decrease during the second half of 2023, which will benefit EV sales.
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