EV sales grew by 35% in 2023

KATHMANDU: Global electric vehicle (EV) sales recorded a growth of 35% in 2023, with 14.2 million units of battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) delivered.

According to EV-Volumes, a Sweden-based global information service for the electric vehicle industry, about 10 million units were pure electric BEVs, and 4.2 million were PHEVs and Range Extender EVs (EREV).

“Five months of 2023 witnessed new all-time highs for EV sales, and market share increases were consistent throughout the year,” said EV-Volumes.

Despite a drop in EV registrations in Germany, mainly due to cuts in EV grants, Europe recorded a 17% growth in EV registrations in 2023 compared to 2022. Likewise, EV registrations in China grew by 36% year-on-year, while such sales in the USA and Canada were 46% higher in 2023.

According to EV-Volumes, Norway had the highest market share of EVs in 2023 (BEVs 72% + PHEVs 7%), followed by Hong Kong and the Nordic countries in Europe. China had 33.9%, Europe 21.4%, and the USA 9.4%. The fastest-growing markets, according to EV-Volumes, were Turkey (805%), Brazil (359%), Thailand (328%), Malaysia (886%), and Australia (141%).

BYD topped EV sales in 2023 with 3 million units delivered – a 62% growth year-on-year. However, BYD’s data include 1.44 million units of PHEV. In terms of BEVs only, Tesla is at the top with 1.81 million units delivered in 2023 – a rise of 38% over the sales figures of 2022.

25% growth forecast for 2024

EV-Volumes expects EV sales to grow by 25% to 17.8 million units in 2024. It has forecast a 17% growth for China, while it expects EV sales in the US and Canada combined to grow by 56%.

Despite subsidy cuts in many European countries, EV-Volumes expect EV sales in Europe to increase by 17% this year.