Despite the turbulence seen in 2022, global electric vehicle sales — both plug-in hybrids and pure-play electric models included, rose, according to data released by Counterpoint Research.
What Happened: Global EV sales jumped 65% year-over-year to 10.2 million units in 2022, Counterpoint reported. The fourth-quarter growth was a more modest 53%. COVID-19 recurrences in China in November and December affected vehicle production and sales, and also disrupted the component supply chain, the firm said.
Fourth-quarter sales comprised 72% BEVs and 28% PHEVs, the report showed. China, Germany and the U.S. were the top three EV markets.
Warren Buffett-backed BYD Company Limited BYDDY BYDDF led the EV race in the fourth quarter of 2022, accounting for 19.8% of EV sales.
Tesla, Inc. TSLA, which sells only BEVs, took the second spot with a 12.1% share. Volkswagen AG VWAGY and Geely Automobile Holdings Ltd. GELYF followed, with an 8.2% and a 6.3% share, respectively. Geely moved up a spot relative to the third quarter, while BYD, Tesla and Volkswagen maintained their respective positions from third-quarter levels.
The top-selling EV model in the fourth quarter was Tesla’s Model Y, followed by BYD’s Song, a plug-in hybrid. Tesla’s Model 3 and the budget model Wuling Hongguang, priced between $4,400 and $14,700, were the third and fourth best-selling models, respectively.
BYD’s Han (PHEV), Yuan Plus (BEV), Qin (PHEV), Dolphin (BEV) and Tang (PHEV), and Volkswagen’s ID.4 (EV) took the remaining spots in the top 10 in that order.
See Also: Best Electric Vehicle Stocks
Why It’s Important: Tesla’s sales slightly trailed its long-term growth target of 50% in 2022 amid the COVID-19 disruptions in China and the economic uncertainty that hurt the global economies.
In response to the evolving situation, Tesla has downwardly adjusted prices across geographies. Analysts believe the company has the scale, technology and vertical integration to undercut the competition and still be profitable.
A major setback Tesla could face in expanding its market share is a lack of sub-$30,000 cars, a segment where BYD is winning, according to Tesla investor and fund manager Gary Black. The Elon Musk-led company disappointed investors by not announcing a cheaper model at its Investor Day earlier this month.
The billionaire said at a Morgan Stanley conference on Tuesday that the next-gen small car Tesla would launch will be fully autonomous.
Tesla ended Tuesday’s session 3.15% at $187.71 and BYD’s ADR trading over the counter in the U.S. shed 2.91% to $55.78, according to Benzinga Pro data.
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