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By Greg Gao
(JW Insights) Jun 27 -- Chinese EV manufacturer BYD has retained its position as the global leader in passenger EV sales for the first quarter of 2023, marking the company at the top for fourth consecutive quarter, according to a recent report by Counterpoint Research.
BYD’s market share increased by 1.3 percentage points to reach 21%, surpassing American automaker Tesla, which held a global market share of 16%.
Abhik Mukherjee, an analyst at Counterpoint Research, attributed global electric vehicle sales growth primarily to the Chinese mainland market. In the first quarter of this year, 56% of global electric vehicle sales came from China.
In January, Tesla significantly reduced prices globally, prompting a price war from BYD, NIO, and other car manufacturers in China. It promoted electric vehicle sales, leading to a 29% year-on-year increase in electric vehicle sales during the first quarter.
BYD secured the top position with its diverse range of models. Five of the top ten electric car models in the first quarter of 2023 were manufactured by BYD.
JPMorgan Chase predicted that China’s stimulus measures would accelerate the shift from traditional automobiles to new energy vehicles, and it believes that plug-in hybrid electric vehicles (PHEVs) will maintain robust growth in the coming years. BYD is expected to retain its dominant position, with an estimated market share of 69% in PHEV sales for 2023.
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