As per the latest reports, the global passenger electric vehicle (EV) market has crossed the sale of 2.18 million units in the second quarter of 2022. It is noteworthy that the sales of EVs, which here include only battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), have grown at a rate of 61% YoY, to reach this milestone.
Interestingly, BYD Auto left Tesla behind to become the highest-selling EV brand globally. Wuling, BMW and Volkswagen fill the remaining list.
Geographically speaking, while China leads the Global EV sales, the US and Europe also witnessed significant growth in 2Q22. Around 30% of the global EV sales were from the top 10 EV models.
Senior Analyst Soumen Mandal stated, “As the global semiconductor shortage has eased a bit, automakers are able to cater to the increasing demand for EVs. Moreover, EV sales would have been higher if China had not experienced fresh COVID-19 outbreaks during March. Stringent lockdowns in and around major provinces halted the production ramp-up during April, which resulted in China’s passenger vehicle market recording its biggest drop since the COVID-19-hit in March 2020. The situation improved only after lockdowns were lifted during the latter half of May. The second half of 2022 is expected to deliver better results, but economic downturns, energy crisis, supply chain bottlenecks and rising geopolitical tensions may hinder the growth of China’s automotive market, especially EVs.”