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Electric Cars: This year worldwide car companies will make more than 6 million electric cars

According to the research company, worldwide EV shipments grew 79% to 1.95 million units in the first quarter (April-June) of fiscal year 2023, compared to the previous year. Of these, about two-thirds were battery-electric vehicles (BEVs) while the remainder were hybrid electric vehicles.

“Shipments would have been higher if the automotive supply chain had not been affected by the Ukraine crisis in March 2022 and the fresh COVID-19 infection in China,” said Soumen Mandal, Senior Research Analyst at Counterpoint. There is a lot of scope for expansion this year as the quarter Electric vehicles accounted for just 12% of the total passenger vehicle shipments in the U.S.

Electric Cars: This year worldwide car companies will make more than 6 million electric cars

Tesla, one of the world’s largest electric carmakers, continued to grow, while other automakers such as Wooling, BMW, Volkswagen and BYD Auto continued to focus on increasing their EV production.

Electric Cars: This year worldwide car companies will make more than 6 million electric cars

Tesla’s shipments grew 68% year-on-year (YoY) in the first quarter of fiscal 2022, according to Counterpoint, and are expected to cross 1.3 million units by the end of this year.

The world’s largest electric-car maker sold more electric vehicles in the first quarter than the next three original equipment makers combined in the segment, the research firm said.

Electric Cars: This year worldwide car companies will make more than 6 million electric cars

During the first quarter, EV shipments from Chinese manufacturer BYD (BYD) increased 433% year-over-year. Over the same period, the joint venture between SAIC, GM and Wuling, which currently operates in China and Indonesia, grew 14% year-on-year.

Electric Cars: This year worldwide car companies will make more than 6 million electric cars

EV shipments from German automotive firms BMW and Volkswagen saw year-on-year growth of 16% and 25%, respectively. In Europe these companies worked hard to compete with Tesla as China remains its top EV market.

Electric Cars: This year worldwide car companies will make more than 6 million electric cars

With many countries aiming to phase out gasoline-powered vehicles by 2040, carmakers are facing tremendous change. Counterpoint’s Peter Richardson said in a statement “The battle for survival is about to begin for car companies as existing auto makers use their scale and manufacturing expertise to fend off new entrants who have no legacy business to defend.” Is.”

Electric Cars: This year worldwide car companies will make more than 6 million electric cars

The research firm said global EV shipments are projected to reach more than 10 million units this year and around 58 million units in 2030.

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