BYD and Tesla Commands One-Third of Global EV Market Share

More than 9.4 million plug-in electric cars were sold during the first 9 months of 2023, accounting for about 16% of the total car sales globally. According to EV-Volumes data, 5 automakers continued to be responsible for more than half of all plug-in car sales.

Plug-ins (BEVs + PHEVs)

In the plug-in category, which combines battery electric vehicles (BEVs) and plug-in hybrid vehicles (PHEVs), the top 5 automakers include BYD, Tesla, Volkswagen Group, Geely-Volvo, and SAIC. Those five groups sold more than 5.1 million rechargeable cars during the Q1-Q3 2023 increasing their share to 54.7% from 52% a year ago.

byd qin pro 96 033e0117071c04bd

BYD not only remains the largest group with over 2 million units registered but its share in the segment is growing faster than any other automaker, reaching 21.9% up from 17.3% a year ago. Tesla, which sells only all-electric cars, maintained its second place with more than 1.3 million units sold and a 14% share compared to 13.3% from a year ago. BYD and Tesla together represent nearly 36% of the total plug-in market up from 30.6% a year ago.

Related: BYD Inching Closer to Dethrone Tesla as World’s Largest EV Maker

The third largest automaker the Volkswagen Group saw 683,921 new plug-in car registrations, however, its share in the segment decreased from 8.0% to 7.2%. Geely-Volvo, was in fourth place with 579,005 units sold and a 6.1% share up from 5.7% a year ago, while SAIC, with 514,670 registrations, was down from 7.6% to 5.4%. Other automakers below 5% of market share include Stellantis (4.6%), BMW Group (4.1%), GAC (4.1%) and Hyundai Motor Group (4.0%).

Plug-in Vehicle Registrations in Q1-Q3 2023 (vs previous year):

  1. BYD Group: 2,070,528 and 21.9% share (vs. 17.3%)
  2. Tesla: 1,323,868 and 14% share (vs. 13.3%)
  3. Volkswagen Group: 683,921 and 7.2% share (vs. 8.0%)
  4. Geely-Volvo: 579,005 and 6.1% share (vs. 5.7%)
  5. SAIC (incl. SAIC-GM-Wuling): 514,670 and 5.4% share (vs. 7.6%)

Top 5: 5,171,992 units and 54.7% share
Others: 4,287,027 units and 45.3% share
Total: 9,459,019 units

Battery-Electric Vehicles (BEVs)

In terms of all-electric car registrations, the BEV-focused Tesla remains the top manufacturer. The company witnessed over 1.3 million registrations, which is 20.1% of the BEV segment (compared to 18.5% a year ago). BYD, which is second best, saw slightly over 1 million units sold for a 15.9% share in the BEV segment, compared to 11.9% a year ago.

Tesla and BYD combined are responsible for 36% of all BEV sales, compared to 30.4% a year ago. With the current pace of their sales, it is anticipated that their collective market share will reach 40% by next year.

Related: Tesla Celebrates Producing 5 Millionth EV

The third-best automaker Volkswagen Group also saw an increase in share in the BEV segment, but only slightly from 7.4% a year ago to 7.7% in Q1-Q3 2023. The two Chinese groups – SAIC and GAC – held 7.5% and 5.7% share, respectively. Overall, the top 5 EV makers share went up from 53% a year ago to almost 57% now.

All-Electric Vehicle Registrations in Q1-Q3 2023 (vs previous year):

  1. Tesla: 1,323,868 and 20.1% share (vs. 18.5%)
  2. BYD Group: 1,048,513 and 15.9% share (vs. 11.9%)
  3. Volkswagen Group: 510,204 and 7.7% share (vs. 7.4%)
  4. SAIC: 491,633 and 7.5% share (vs. 9.8%)
  5. GAC: 373,718 and 5.7% share

Top 5: 3,747,936 units and 56.9% share
Others: over 2.8 million units and 43.1% share
Total: over 6.5 million units

Source: Inside EVs

Notify of
Inline Feedbacks
View all comments