Electric vehicle companies have high hopes that increased adoption will happen for the automotive industry. Companies like Tesla Inc TSLA have seen strong market share gains for electric vehicles and the overall automotive sector in regions like the United States.
Here’s a look at the global electric vehicle sector through the month of July, showcasing some of the top vehicles and companies.
What Happened: The rise of electric vehicles is ongoing, with many portions of the world offering discounts to make the switch to a battery-powered or hybrid vehicle, and new and existing automotive companies ramping up production of EVs.
The July report on global electric vehicles indicates a 41% year-over-year surge, with 1,104,000 units registered.
According to CleanTechnica, electric vehicles hit a 16% market share for the month of July, with battery-powered electric vehicles having 11% market share for the month. Year-to-date through July, electric vehicles have a 15% market share globally, with battery-powered vehicles hitting 10%.
The top 10 selling electric vehicles in the world for the month of July were:
- 1. Tesla Model Y: 77,289 units
- 2. BYD Song (BEV+PHEV): 50,956 (7,609+43,347) units
- 3. BYD Qin Plus (BEV+PHEV): 43,167 (11,462+30,705) units
- 4. Tesla Model 3: 36,231 units
- 5. BYD Dolphin: 31,968
- 6. BYD Yuan Plus: 30,192 units
- 7. BYD Seagull: 28,001 units
- 8. BYD Han (BEV+PHEV): 22,943 (11,794+11,149) units
- 9. GAC Aion S: 22,437 units
- 10. Wuling Bingo: 19,782
The top 10 selling electric vehicles in the world year-to-date (January-July 2023) were:
- 1. Tesla Model Y; 656,800
- 2. Tesla Model 3: 315,738
- 3. BYD Song (BEV+PHEV): 310,668 (38,071+272,617)
- 4. BYD Qin Plus (BEV+PHEV): 246,426 (66,276+180,150)
- 5. BYD Yuan Plus: 232,931
- 6. BYD Dolphin: 190,537
- 7. GAC Aion S: 138,043
- 8. Wuling HongGuang Mini EV: 137,537
- 9. BYD Han (BEV+PHEV): 119,387 (59,881+59,506)
- 10. GAC Aion Y: 107,443
The top companies by registrations for the month of July were:
- 1. BYD BYDDF
- 2. Tesla Inc
- 3. SGMW, a joint venture of SAIC Motor, Liuzhuo Wuling Motors and General Motors GM
- 4. Volkwagen VWAGY
- 5. GAC Aion
- 6. BMW BMWYY
- 7. Li Auto LI
- 8. Mercedez-Benz MBGYY
- 9. Changan
- 10. Kia, a unit of Hyundai Motor HYMLY
Year-to-date, the top 10 companies by electric vehicles registered were:
- 1. BYD
- 2. Tesla
- 3. BMW
- 4. GAC Aion
- 5. Volkswagen
- 6. SGMW
- 7. Mercedez-Benz
- 8. Li Auto
- 9. Changan
- 10. Volvo
Related Link: Here's How Many Vehicles Tesla Has Delivered And Produced In Each Quarter Since 2019
Why It’s Important: The Tesla Model Y was a top 10 bestselling vehicle in the United States in 2022 and is now among the bestselling vehicle models in the world, counting both electric vehicles and traditional automotives.
While BYD maintains the leader for July and year-to-date on the lists above, it comes with the inclusion of battery-powered vehicles and hybrid vehicles.
When factoring in just BEVs, Tesla holds a lead of 20.9% market share, compared to 15.6% for BYD.
In July, a Twitter poll proposed by popular automotive news account CarDealershipGuy (@GuyDealership) asked what the future of automotive looks like.
“The year is 2030, what % of new cars sold in the US are electric vehicles,” CarDealershipGuy asked. The results were:
- Less than 15%: 25.4%
- 15% to 30%: 25.5%
- 30% to 50%: 20.9%
- More than 50%: 28.1%
The poll saw over 108,000 votes, with the leading answer being a market share of over 50%. Ultimately, 49% of people polled see EVs hitting a market share of 30% or more in the year 2030.
The poll also showed that 74.5% of people think the EV market share will be over 15% in 2030.
CarDealershipGuy added in the comments that the current EV market share for new vehicles in the U.S. is between 7% and 8%.
In 2022, electric vehicles made up 13% of new vehicle sales around the world, according to a report.
In Europe, the market share for electric vehicles included 22.6% for hybrid vehicles, 9.4% for plug-in hybrids and 12.1% for battery-powered EVs.
The U.S. ranked behind other markets, with 5.8% of all new vehicles sold in 2022 being listed as electric vehicles. While this was up from 3.1% in 2021, it still lags behind other markets.
The new global electric vehicle reservation data could show that the world is closer than ever to the 15% market share level and could continue on the path to 30% or higher share.
Read Next: How Many Cybertruck Reservations Are There? Tesla Fans Predict A Staggering Total Ahead Of Launch
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
