No match found
In almost all major markets, BEV sales grew far more than the total light vehicle market. In the ten Western European focus markets, BEV sales increased by 49% in the second quarter of 2023 in comparison with the equivalent period last year, whereas the total market grew by 17%. In the United States, the corresponding percentages were 67% and 19%, and in China 49% and 29%.
Europe is the home of the station wagon, boasting almost two thirds of global sales in 2022. Electric station wagons have a major advantage over SUVs, with superior aerodynamics improving their range and efficiency. Little wonder, therefore, that OEMs in the region are looking to offer electric versions, further evidence of the steadily growing electrification of the mainstream car market.
Covid-19 lockdowns and the resulting shortages from supply chain delays created an upward pressure on prices. However, as supply has now stabilized and production is increasing, competition among OEMs to attract mainstream consumers is leading to price reductions. PwC Autofacts® analysis of prices in the German market reveals that BEV discounts are increasing and are now similar to the level offered for ICE models. Moreover, significant discounts are expected to remain in place for the foreseeable future as the scramble for consumers and economies of scale continues.
PwC Autofacts® and Strategy& have analyzed electric vehicle sales worldwide in the second quarter of 2023.
Steven van Arsdale also contributed to this report.