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Global battery electric vehicle (BEV) sales reached the two million mark for the first time in the third quarter of 2022, growing by 75% compared to the corresponding period last year. Much of that increase can be attributed to China, where the BEV market continued to expand at breakneck speed. More than 1.5 million BEVs were sold there in Q3 2022, representing a 94% increase vs. Q3 2021.
Constant rapid growth in such a huge market has inevitably cemented China’s BEV standing on the global stage. In the year 2020, just over one half of the total number of BEVs sold in all analyzed markets were sold in China. In Q3 2022, that figure had risen to 73%. Flushed with this success and furnished with all the BEV expertise they have developed at home, Chinese OEMs are now seeking to consolidate their foothold in Europe. Compared to their previous market entries in the past decade, the playing field has now been significantly leveled.
With OEMs and consumers now increasingly focused on BEVs, the PHEV market has been suffering the consequences. While BEV sales grew in all analyzed markets vs. Q3 2021 with the exception of Italy and Norway, PHEV sales declined in all European markets analyzed, and in USA and South Korea too. Again showing its dominant position in the global marketplace, however, China bucked this trend to a remarkable degree.
PwC Autofacts® and Strategy& have analyzed electric vehicle sales worldwide for the third quarter of 2022.