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© Reuters. Global BEV gross sales attain a brand new excessive
Bank of America tracked electrical automobile gross sales for December and FY 2023 discovering in December 2023 that world Battery Electric Vehicle (BEV) gross sales achieved a report excessive of 1.1 million items, marking a 19% YoY improve and pushing the penetration fee past 14% for the primary time.
China skilled a resurgence in BEV gross sales, rising by 38% YoY in December and 32% within the 4Q. Meanwhile, the EU noticed a 20% decline in December because of the phasing out of subsidies the earlier 12 months, however the penetration fee within the EU nonetheless reached a brand new excessive of over 22% in December.
Reflecting on your entire 12 months of 2023, Bank of America discovered there was substantial progress in world BEV gross sales, totaling 10 million items, representing a 30% YoY improve and a further 2.3 million items. This progress, though robust, confirmed a deceleration from the earlier 12 months (2022) when the rise was 60% YoY, with a further 2.9 million items.
The United States outperformed expectations with a 47% YoY improve, gaining 1.4pps in market share, reaching roughly 12%. Europe skilled a 33% YoY progress, attaining a market share of twenty-two.5%, a rise of 0.6pps.
In distinction, China’s progress was round 20% YoY, but it surely’s essential to notice that the comparability base in China is far increased.
In absolute phrases, China contributed roughly 1 million items to the worldwide BEV progress in 2023, constituting practically 50% of the entire world BEV progress, surpassing all different areas.
BYD gained 3.8ppt in world market share, surpassing Tesla (NASDAQ:) in H2 2023. Tesla maintained its BEV market management with an 18.1% world market share, gaining 1ppt YoY.
In the EU, solely Volkswagen elevated its market share by 0.1ppt, whereas Stellantis’ (STLA) BEV gross sales declined forward of its 2024 mannequin offensive.
Among EU premium OEMs, BMW outperformed Mercedes-Benz, increasing its BEV market management by 0.9ppt, reaching 4.2% in comparison with Mercedes-Benz’s 2.4%. In the U.S., General Motors (NYSE:) gained 0.6ppt, outperforming Ford (NYSE:), which misplaced 0.2ppt.