A new energy vehicle is exported at Lianyungang Port, Jiangsu Province, China, on April 25, 2024.
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Electric vehicle sales increased significantly this year, driven by growth in China and strong demand for hybrid vehicles in particular, according to a report by Counterpoint Research.
A report released on Monday showed that global sales of EV units, including fully battery-powered vehicles (BEVs) and hybrids, increased by 18% in the first three months of 2024 compared to the same period last year. Ta.
Sales of hybrid vehicles, which have both an electric motor and an internal combustion engine, significantly outpaced sales of fully battery-powered alternatives, increasing by 46% year-on-year. BEV sales increased by 7%.
“The lower the initial cost, the [hybrids] when compared with [battery EVs] The availability of fuel tanks to eliminate range concerns was one of the main reasons for the high ratings. [hybrid] The demand is there,” Counterpoint research analyst Avik Mukherjee said in a report.
This data follows recent reports suggesting that hybrid vehicle adoption is outpacing all-electric vehicle adoption amid concerns about weak resale values for hybrid vehicles and the possibility that current BEV technology may soon become obsolete. This is in accordance with.
“Buy in the mid-price range” [hybrids] The price is the same or lower than most products, making it a more reasonable choice for consumers. [battery electric vehicles]” the report said.
Chinese companies, especially those selling both BEVs and hybrids, have benefited greatly from the growing demand for electric vehicles.
According to Counterpoint, China’s EV sales surged 28% in the first quarter of 2023 as price competition continues to drive down costs for consumers.
BYD, the country’s largest EV maker, saw hybrid car sales increase 7% in the first three months of this year, accounting for nearly a third of the global hybrid market, followed by Geely Holding and Li Auto.
US EV sales are the second highest in the world. Next is Europe. However, while overall U.S. EV sales rose 2% in the quarter, battery electric vehicle sales fell 3%.
Tesla, a major US EV manufacturer that only produces BEVs, saw its first quarter sales decline 9% year-on-year. In the first quarter of 2024, it remained the world’s leading BEV sales leader, with a market share of 19%. BYD and Volkswagen’s shares were 15% and 6%, respectively.
According to the report, among the top three BEV manufacturers, only BYD recorded growth with sales increasing by 13%, while Tesla and Volkswagen’s sales decreased by 9% and 4%, respectively.
BYD’s strong performance is driven by the company’s aggressive expansion globally. According to the report, the company exported nearly 100,000 EVs last quarter, recording 152% year-on-year growth, mainly driven by shipments to Southeast Asia.
Liz Lee, associate director at Counterpoint, said BYD’s impressive exports highlight the growing global demand for EVs, including hybrids, and the market is poised for “significant growth.”
”[Y]”Signs of a slowdown are looming, and annual growth could fall below 20%,” he added, noting that companies such as Tesla are facing declining interest in BEVs.
According to a Gallup poll conducted in April, fewer than half (44%) of U.S. adults say they are seriously considering or likely to consider buying an EV, and 55 percent by 2023. decreased from %. 41% to 48%.
Other headwinds for the market include the possibility of increased protectionist measures in 2024, with both the EU and US reportedly planning to impose new tariffs on EV imports from China. There is.
