According to the latest research, the market share of electric vehicles continues to grow, Global passenger EV sales grew 71% year over year in Q3 2022. This being the case, the competition is getting fiercer every day.

Tesla

In fact, the competition is so intense that even Elon Musk, the inventor of modern electric vehicles, is only in second place with Tesla.

BYD widens gap with Tesla in Q3 2022, leads global EV market

Global electric vehicle (EV) sales grew 71% year over year in Q3 2022, according to the latest research from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker. China remained the market leader in EV sales, followed by Europe and the US. The country’s EV sales increased by over 100% to exceed 1.7 million units from just 0.88 million units in Q3 2021.

Counterpoint Global Passenger Electric Vehicle Model Sales Tracker
Source: Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker

BYD Auto continued to lead the global EV market during the quarter. The Chinese automaker also managed to widen its gap with the second-placed Tesla. When we look at the numbers, we see that BYD Auto remained the global market leader, shipping more than 537,000 EV units, an increase of 197% YoY. Its top three models “BYD Song, BYD Qin and BYD Han” contributed to over 56% of the company’s sales during the quarter.

Tesla’s global sales grew 43% YoY in Q3 2022 to over 343,000 units. The company saw increased demand for its vehicles in Europe this quarter. The smoothing production ramp in its Berlin factory helped deliver a record number of Model Ys in Germany this quarter. However, deliveries fell short of expectations due to logistics bottlenecks.

Followed by another Chinese brand, Wuling, grew by 31% YoY to hold the third rank in the global EV market. German auto giant Volkswagen’s  EV sales increased by 28% YoY to recover from their Q2 dip. The ID.4, ID.3 and ID.6 series had the top-selling Volkswagen models during the quarter. The company showed impressive results in China with its EV sales growing 79% YoY and 35% QoQ. Although the brand’s sales in Europe and the US recovered sequentially, neither region registered YoY growth.

Global top 10 EV models

The top 10 EV models accounted for more than 35% of global EV sales in Q3 2022. Tesla’s Model Y remained the best-selling EV model. Six out of the top 10 best-selling EV models were from BYD Auto. The rest of the list is as follows:

Counterpoint Global Passenger Electric Vehicle Model Sales Tracker1

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Captcha verification failed!
CAPTCHA user score failed. Please contact us!