Global electric vehicle sales to increase 31% by 2023

Global sales of pure electric and hybrid vehicles last year reached 13.6 million units, up 31% from 2022, according to market research firm Rho Motion.

Of these, pure electric vehicles accounted for 9.5 million units and hybrid vehicles accounted for 4.1 million units. Rho Motion said that December 2023 alone set a record for the most electric vehicle sales month in history with 1.5 million units.

However, the growth rate of global EV sales over the past year has slowed down from the 60% growth rate in 2022. Charles Lester, chief data officer at Rho Motion, says this is reasonable. “You can’t expect to double every year,” he says.

Pure electric vehicle sales are expected to increase by 50% in the US and Canada, and by 27% and 15% respectively in Europe and China by 2023. Tesla is the segment sales leader with 1.8 million units, up nearly 38% from 2022.

Customers look at electric cars at a BYD showroom in Shanghai. Photo: Reuters — Customers look at electric cars at a BYD showroom in Shanghai. Photo: *Reuters*

BYD came in second with 1.62 million pure electric vehicles sold. The Chinese electric car giant also sold 1.4 million hybrid vehicles. It recently chose Hungary as the site for its first electric car factory in Europe.

The global electric vehicle market in 2024 is expected to face some challenges. After years of rapid growth, some manufacturers are concerned that EV sales in Europe and elsewhere could face weaker demand as consumers delay their decisions while waiting for better, smaller, and cheaper models to arrive in the next two to three years.

In addition, Mr. Charles Lester predicts that electric car sales in Europe may be affected by Germany's sudden decision to cut electric car subsidies. The European Commission has opened an investigation into whether Chinese companies benefit from subsidies to sell at prices.

In the US, manufacturers including Ford and GM have scaled back or postponed plans to build electric vehicle factories. In addition, some models including Ford’s Mustang Mach-E and Tesla’s Model E are no longer eligible for the $7,500 tax credit under the Inflation Reduction Act. These developments could also affect supply and demand in this market.

The Vietnamese market is gradually catching up with the global electrification trend. This weekend, January 13-14, at Yen So Park, Hanoi , VnExpress newspaper organized the Vietnam Electric Vehicle Exhibition, with space to display electric and hybrid car models of nearly a dozen car brands, along with accessory brands in the industry. In addition, the exhibition is also a family festival with camping activities, games, food , and entertainment.

>> Register here

Phien An ( according to Reuters )

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