According to the report, in the third quarter of 2023, the top two by market share rankings are BYD, Tesla. Among them, BYD’s pure electric vehicle sales increased by 68% year-on-year, while Tesla’s pure electric vehicle sales increased by 27% year-on-year. BYD vehicles (excluding Tengiz) have caught up with Tesla, with both having a market share of 17%.

Broken down into specific models, Tesla’s Model Y is the world’s best-selling pure-electric model, while the Model 3 is in third place. BYD holds a total of three seats, with the Yuan Plus in second place, the Dolphin in fourth and the Seagull in fifth.

China remains the world’s largest market for all-electric vehicles, but its sales grew only 11 % in the third quarter, below the global average, due to a weak economic outlook and fierce price competition, the agency said. Nonetheless, Chinese brands managed to sell more than 130,000 pure electric vehicles overseas, a four-fold increase compared to the third quarter of 2022.

Today, the growing importance of electric vehicles has prompted new market entrants to launch electric vehicle platforms. It is reported that well-known automobile manufacturers around the world are accelerating the development of their own electric vehicles.

In 2022, electric vehicle sales will maintain strong growth despite tight global supply chains. Most of the sales occur in Europe and China, with electric vehicle sales in these two markets accounting for 11% and 19% of global car sales respectively.

In September, S&P Global Mobility said it expects electric vehicle sales to reach 10 million units in 2023, accounting for 14 % of total 2023 new car sales.

In the same month, market researcher Gartner predicted that global shipments of electric vehicles, including pure electric vehicles and plug-in hybrids, are expected to approach 15 million units in 2023, a year-on-year increase of nearly 50 %. In 2024, they are expected to reach 17.9 million units, up 19 % year-on-year.