Changes in NEV market ranking

Author: EIS Release Date: Dec 5, 2022

Q3 sales of NEVs (New Energy Vehicles), which includes battery-electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel-cell vehicles (FCVs), rose by 70% YoY to 2.87 million units, says TrendForce.

 

Of the quarterly total, BEV sales accounted for 2.147 million units and registered a YoY growth of 75%, whereas PHEV sales accounted for 714,000 units and registered a YoY growth of 57%.

 

Tesla took first place with 344,000 units. While Tesla managed to maintain its market share at 16%, its lead over second-placed BYD in sales figure had narrowed further. 

 

BYD sold 259,000 BEVs in 3Q22, posting a YoY growth of 182%. It is also worth noting that the gap between Tesla and BYD in BEV sales has been smaller than 100,000 units for two quarters straight. 

 

SGMW and Volkswagen respectively stayed at third and fourth in the ranking, showing no change from the previous quarter.

 

MG Motor (that has been acquired by SAIC Motor) and Geometry entered the Top Ten for the first time mainly thanks to robust demand from China.

 

Hyundai, Kia, and XPeng Motors dropped out of the top 10.

 

BYD was at the top of the PHEV rankings with 279,000 units and held a market share of 39.1%.

 

Other PHEV brands were unable to raise their market shares above 10% even though they posted a QoQ increase in vehicle sales. 

 

Mercedes-Benz rose to second place in the PHEV ranking because of a QoQ gain for vehicle sales in both the home market and China. 

 

BMW saw falling sales for its PHEVs in Europe, so it posted a decline in units and slipped down in the the ranking.

 

 Chinese brand AITO entered the group of the global top 10 PHEV brands for the first time in 3Q22 and was immediately placed fifth.