Connect with us

Automotive

Visualizing Global Electric Vehicle Sales in 2023, by Market Share

Published

on

See this visualization first on the Voronoi app.

Graphic illustrating the global electric vehicle market share for 2023

Visualizing the Global Electric Vehicle Market in 2023

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Analysts anticipate that China’s largest electric automaker BYD will surpass Tesla in battery electric vehicle (BEV) sales for 2024.

In this graphic, we illustrate the global BEV market share for the full year 2023, based on figures compiled by TrendForce.

BYD Likely to Surpass Tesla in 2024

Currently, the top 10 BEV companies make up 65% of the overall market.

Given that BYD already outsold Tesla in the fourth quarter of 2023 (526,000 compared to 485,000), the Chinese company is expected to surpass Elon Musk’s automaker before the end of the year.

Currently, Tesla holds a 19.9% share of the market, closely followed by BYD with 17.1%.

RankBrandCountryMarket Share in 2023
1Tesla🇺🇸 US19.9%
2BYD🇨🇳 China17.1%
3GAC Aion🇨🇳 China5.2%
4SAIC-GM-Wuling🇨🇳 China4.9%
5Volkswagen🇩🇪 Germany4.6%
6BMW🇩🇪 Germany3.6%
7Hyundai🇰🇷 S. Korea2.9%
8Mercedes-Benz🇩🇪 Germany2.6%
9MG🇨🇳 China2.3%
10KIA🇰🇷 S. Korea2.0%

In 2022, the Chinese automaker overtook Tesla as the top producer of EVs, when non-BEVs are included in sales totals. It produced 1.8 million vehicles compared to Tesla’s 1.3 million.

BYD has relied on stable domestic sales performance but is also expanding its international presence. The company began selling in Europe a little over a year ago and also plans to build factories in European countries to avoid EU tariffs on Chinese car imports.

Another Chinese automaker, GAC Aion, secured the third spot on our list, with SAIC-GM-Wuling and Volkswagen falling to fourth and fifth, respectively.

Luxury brands BMW and Mercedes-Benz accelerated their electrification efforts, ranking sixth and eighth, while Hyundai Group’s Hyundai and KIA maintained their positions compared to the previous year.

In total, global sales of EVs, including BEVs, PHEVs (Plug-in Hybrid Electric Vehicles), and FCVs (Fuel Cell Vehicles), reached 13 million units in 2023, with a growth rate of 29.8% compared to 2022.

The number, however, represents a significant slowdown from the 54.2% growth rate in 2022.

Click for Comments

Misc

Almost Every EV Stock is Down After Q1 2024

We compiled the performance of 10 pure play EV stocks into one chart, revealing one company that bucked the broader trend.

Published

on

Almost Every EV Stock is Down After Q1 2024

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

While the S&P 500 index climbed over 10% in Q1 2024, the majority of EV stocks declined by double digit percentages over the period.

This is surprising, given that EVs were once the hottest trend in tech (before artificial intelligence came around).

In this graphic, we’ve visualized the Q1 2024 performance of 10 prominent pure play EV companies. Pure play in this context means companies that only focus on electric vehicles.

EV Stock Performance

The data we used to create this graphic can be found in the table below. Note the two biggest outliers: Nikola (+24.9%) and Fisker (-98.7%).

CompanyQ1 Price Change (%)
Nikola+24.9
Li Auto-12.5
Tesla-29.2
VinFast-29.5
Polestar-30.3
Lucid-31.3
XPeng-45.3
Nio-46.6
Rivian-48.1
Fisker-98.7

The majority of EV stocks have fallen due to slowing demand in major markets like the U.S. and China. This is a serious problem for startups like Rivian and Lucid, which are not yet profitable.

In fact, legacy automakers like Ford are looking to expand production of hybrid vehicles, which is likely causing many investors to avoid pure EV stocks.

Two Outliers Emerge

Nikola shares have rallied in recent weeks as the company reported positive momentum in its hydrogen fuel cell truck business. The company also opened its first hydrogen refueling station in Southern California, and has five more in the works.

On the flipside, Fisker Inc. has struggled enormously, even being delisted from the NYSE in late March 2024. Fisker Inc. is the successor to Fisker Automotive, which went bankrupt in 2013. Fisker Automotive was known for producing the Karma, a luxury EV sedan that competed with the Tesla Model S.

Back to today’s Fisker, the company is once again in hot water. Over 40,000 customers have cancelled reservations for the company’s “Ocean” electric SUV, which is currently under investigation for door malfunctions.

Other Major EV Developments

In other news, Tesla is once again the world’s best-selling EV company, after outselling China’s BYD by 87,000 units in Q1 2024.

Continue Reading
Voronoi, the app by Visual Capitalist. Where data tells the story. Download on App Store or Google Play

Subscribe

Popular