Electric push in the passenger vehicles segment is reaping dividends as the sector is now witnessing promising sales. A recent report from Counterpoint’s Global Passenger Electric Vehicle Model Sales Tracker states that the global PEV sales grew to 61 percent Y-o-Y accounting for 2.18 million units in the second quarter of 2022.
As per the report, the BEVs accounted for a total of 72 percent while the PHEVs constituted the remaining EV sales. China topped the leaderboard, clocking a 92 percent Y-o-Y increase, accounting for 1.24 million units compared to the 0.64 million units sold in the previous year followed by Europe and US.
As per the figures, China’s BYD for the first time became the top performing EV brand globally beating Tesla by selling 3,54,000 EV units sold, marking a 266 percent Y-o-Y increase. While the global sales for Tesla stood at 2,54,000 units with only a 27 percent Y-o-Y increase.
The dip in sales can be attributed to the semiconductor shortages and the pandemic that made the industry suffer a great deal. Senior Analyst Soumen Mandal said, “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.”
“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,” he added.
While the top two performers in the list are expecting better sales amid the comparatively better situations, the other top players are also regaining the lost ground. As per the report, the top 10 EV models accounted for more than 30 percent of global EV sales in Q2 2022.
The Wuling Hongguang Mini EV was the best-selling model for the China market and grew to a whopping 16 percent on a Y-o-Y basis, becoming the third-ranked in global EV sales.
BMW, on the other hand, aims to bring about 2 million BEVs on road by 2025 as the German luxury manufacturer grabbed the fourth spot with an 18 percent Y-o-Y growth. The X3 and i Series models pushed sales in the BEV segment while the 5 Series, 3 Series and X5 models saw an increase in sales volume in the PHEV segment.
Volkswagen saw a decline in the growth graph and saw only a percent Y-o-Y increase in Q2 2022. Hence, the world’s number one automobile manufacturer took the fifth spot.
