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2023 EV review

Posted on - 09 Feb 2024

Category - Trade & Demand

Global EV sales growth fell to a 35% y/y growth rate vs the 56% rate seen in 2023, but a lot of that was due to the base effect. In fact, 3.67M units more were sold in 2023 than 2022 vs 3.77M units more sold in 2022 than 2021. It’s hardly a collapse. Globally, BYD consolidated its position as the world’s largest EV seller, rising to 21% global market share vs Tesla’s 13%. While Tesla remains the EV brand of choice in the US and in some other markets, it’s lost a fair amount more market share this year. But,...

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BEV BYD China demand growth Europe EVs GAC Geely General Motors Global Market share Penetration PHEV sales forecast Stellantis Tesla US Volkswagen