In 2023, global electric vehicle sales exceeded 13 million units, with BYD Company Limited (01211) holding a market share of 22%.

According to Clean Technica data, global sales of new energy vehicles reached a historic high in 2023, surpassing the 13 million mark with a total of 13,689,291 vehicles sold, representing a year-on-year growth of 35.7%. Among them, new energy vehicle sales in December reached 1,556,728 units, a year-on-year increase of 23% and a month-on-month increase of 12.4%. Compared to 2022, the global new energy vehicle market experienced significant changes in 2023. 01 TOP 20 Brands: China dominates In 2023, BYD Company Limited once again defeated Tesla with a significant advantage, achieving the fastest growth rate on the podium with a year-on-year growth rate of 56%. However, do not expect its growth rate in 2024 to be as fast as in 2023. BYD Company Limited's growth potential in the Chinese market is already small, and the overseas market will be a new sales growth point for the brand. In 2024, BYD Company Limited will make a big bet on the overseas market, with factories in Brazil and Thailand going online. In 2023, BYD Company Limited (01211) started exporting a large number of electric vehicles to Israel (15,000 units), Brazil (18,000 units), and Thailand (30,000 units). Meanwhile, Tesla's market share is slowly declining (17% in 2019, 16% in 2020, 14% in 2021, 13% in 2022 and 2023), and it may stabilize at around 10% in the future. If Tesla wants to regain its position as the global leader in sales, it needs to diversify its product lineup. It is expected that with the launch of cheaper and more compact cars in 2025, Tesla's market share will increase again. BYD Company Limited and Tesla still hold the first and second places, but there is a change in the third place. BMW has replaced SAIC-GM-Wuling and claimed the third place on the podium. Due to the decline in sales of the Hongguang MINIEV, SAIC-GM-Wuling has fallen to the sixth place. Thanks to the sharp increase in sales of the AION S and AION Y, Aiways sold over 480,000 units, a year-on-year increase of 78%, surpassing Volkswagen and Mercedes-Benz to rank fourth. However, in 2024, Aiways will not have such a fast growth rate anymore. Its sales have already started to decline significantly at the end of last year, and coupled with the initial defeat of its high-end brand Haobo, it will be very difficult for Aiways to achieve significant growth in 2024. It is worth noting that the market performance of the ideal car is impressive. In 2023, Ideal Motors jumped 11 places on the ranking list, from 19th in 2022 to 7th, and its current three models will be refreshed in 2024. The first pure electric MPV model of Ideal Motors, Mega, will be launched in March this year, and combined with the launch of its first mid-size car L6, Ideal Motors is expected to take the third place on the podium. Benefiting from the increase in sales of models under the Galaxy and Geometry brands, GEELY AUTO achieved a year-on-year growth of 48%, rising from 12th in 2022 to tenth in 2023. Benefiting from the slow growth of Toyota at the end of the year, NIO finished the race in 2023 with a ranking of 16th, five places higher than its final ranking in 2022. However, without new products launched in 2024, this new force will find it difficult to maintain this position, especially considering that the brand is not entirely successful in the export market. As a reference, NIO's largest export market is Germany, with sales of 1,250 units. Two other brands that benefited from Toyota's slow growth are Ford and Jeep. The former rose one position to 17th, while the latter also rose one position to 18th. In fact, among all the traditional models on this list, Jeep has grown the fastest, with sales increasing by 53% compared to 2022, reaching nearly 160,000 units. It is far ahead of the best-selling American traditional brand, Ford, and ultimately became the best-selling brand in the Stellantis group, with a 23,000-unit advantage over Peugeot, which ranked 22nd. Looking at the top 20 brand list, Chinese brands occupy 10 places, accounting for 54% of the market share of the top 20 brands. Chery, Dongfeng, and NIO have been replaced by NIO and Zero Run. 02 TOP 20 Models: Tesla Model Y leads with over 1.2 million units Compared to 2022, the top 20 models list still features the Tesla Model Y, BYD Company Limited Song, and Tesla Model 3 on the podium. The Tesla Model Y sold 1.21 million units, a year-on-year increase of 57%, once again claiming the highest position on the podium as the best-selling new energy vehicle globally. BYD Company Limited Song achieved the runner-up position with over 630,000 units, surpassing the Tesla Model 3. As for the third-place Tesla Model 3, its sales reached 529,000 units, a year-on-year increase of 11%, marking its best performance to date. The Wuling Hongguang MINIEV, which was in fourth place in 2022, experienced a year-on-year decline of over 43% and fell to eighth place, being surpassed by the Qin Plus and Yuan Plus. The BYD Company Limited Haigou, which was launched in 2023, became the best-selling A00-grade model, surpassing the Hongguang MINIEV. The sales of the Aiways AION Y reached 240,000 units, a year-on-year increase of 97%, rising 2 places to ninth place on the list, while the BYD Company Limited Han experienced a 16.6% decline, dropping from sixth to tenth place on the list.By 2023, the ideal brand is expected to achieve tremendous success, with the models L7, L8, and L9 all making the rankings, placing at 17th, 19th, and 20th respectively. With the launch of the L6 in 2024, it is highly likely to appear in the best-selling car models list.Looking at the TOP20 car model ranking, although there are four traditional OEM models (Volkswagen ID.4, Hyundai Ioniq 5, Ford Mustang Mach-E, Kia EV6) entering the list in 2022, there are only two models in 2023, both from Volkswagen Group (12th Volkswagen ID.4 and 15th Volkswagen ID.3). Apart from the two cars from Volkswagen and Tesla, the other 16 cars are all from China. Among them, BYD Company Limited occupies 8 seats, Li ONE occupies 3 seats, Aiways and Wuling each occupy 2 seats, and Changan occupies 1 seat. The previously listed Changan Benben E-Star, Chery QQ Ice Cream, Xiaomayi, and NIO V have all dropped out. BYD Company Limited has a global market share of 22%. In terms of market share of car groups, BYD Company Limited (22%) has once again won the championship in 2023 with a leading advantage of 8.8% share, surpassing Tesla (13.2% share). BYD Company Limited increased by 0.1 percentage points compared to the third quarter of 2023, and increased by 3.6% compared to the same period last year, while Tesla decreased by 0.8% compared to the third quarter and increased by 0.2% compared to 2022. These trends indicate that BYD Company Limited's market share growth may have reached its peak. Due to a significant price reduction a year ago, Tesla has slowly recovered to the level of 2022 for the remaining time in 2023. Nevertheless, these two brands still occupy 35.2% of the market share. Volkswagen Group remains in third place, with a 0.1% increase in market share compared to the third quarter, but a 0.9% decrease compared to the same period last year. Geely-Volvo (6.8%) replaced SAIC (5.8%) to rank fourth, but this Chinese manufacturer rebounded in the last quarter of this year, increasing its share by 0.4% compared to the third quarter, thus reducing its annual loss to only 1.4%. Geely-Volvo is only half a percentage point lower than the third-ranked Volkswagen Group, and it is expected that these two companies will have a fierce competition for the bronze medal in 2024. Stellantis (4.2%) remains in sixth place, but has decreased by half a percentage point compared to the end of 2022. BMW Group (4.1%) rises to seventh place, and this German OEM will compete with Stellantis for sixth place in 2024. Hyundai-Kia (3.7%) becomes the biggest loser in the competition, dropping from seventh place in 2022 to ninth place in 2023, a drop of nearly a full percentage point, from 4.6% in 2022 to the current 3.7%. BYD Company Limited and Geely-Volvo have the largest increase in global new energy vehicle market share in 2023. Looking only at pure electric vehicles, Tesla once again wins the championship with a market share of 19.1% in the global pure electric vehicle market, an increase compared to 18.2% share in 2022, but a decrease of a full percentage point compared to the third quarter of 2023, far from the 23% share at the end of 2020. BYD Company Limited (16.5%) ranks second again, with an increase of 3.9% in market share compared to 2022, and a growth of 0.6% in market share compared to the third quarter of 2023. Although Tesla's market share is expected to decline slightly in 2024, BYD Company Limited will continue to gain share. One reason is that this year, BYD Company Limited's new lineup will be more focused on pure electric vehicles (Yuan Up and Sea Lion will play an important role); another reason is that BYD Company Limited's exports are mainly concentrated in pure electric vehicles, while plug-in hybrid vehicles are only used in specific markets. Therefore, although BYD Company Limited's market share in the new energy vehicle market may stagnate in 2024, its market share in the pure electric vehicle market will continue to grow. SAIC (7.9%) surpassed Volkswagen Group in the last month of 2023 and won third place. This Shanghai-based OEM performed strongly in the fourth quarter of 2023, with a 0.4% recovery in market share compared to the first quarter of 2023, but it is still not enough to recover to the 9.3% share at the end of 2022. Volkswagen Group (7.8%) lost its podium position in the final stage of the competition and ended up in fourth place again after losing only 0.1% of market share compared to 2022. Geely-Volvo (6.2%) ranks fifth, with a 0.6% increase in market share compared to the third quarter of 2023, leaving Guangzhou Automobile Group (5.3%) far behind. This article is sourced from "First Electric Vehicle" WeChat official account; author: Li Yanjiao; GMTEight editor: Chen Xiaoyi.