1. Overview of the World New Energy Vehicle Market in 2023
Global sales of new energy vehicles in 2023 reached 14.653 million units, up 35.4% year-on-year, of which China’s new energy vehicle sales reached 9.495 million units, accounting for 64.8% of global sales. The annual sales of new energy vehicles in the United States and Europe in 2023 were 1.386 million and 1.468 million respectively.
Table 1.1-1 2023 New Energy Vehicle Sales Country Ranking (Including Plug-in Hybrid)
| Item | Country | Sales in 2023 | Sales in 2022 | Growth Rate |
| 1 | China | 9,495, 000 | 6,887, 133 | 37.90% |
| 2 | United States | 1, 386, 000 | 979,488 | 41.50% |
| 3 | Germany | 627,395 | 852,930 | -26.40% |
| 4 | United Kingdom | 315, 000 | 411, 911 | -23.50% |
| 5 | France | 298,500 | 338,636 | -11.90% |
| 6 | South Korea | 162,507 | 170,377 | -4.62% |
| 7 | Sweden | 117, 775 | 166,963 | -29.46% |
| 8 | Netherlands | 114, 097 | 72,685 | 56.97% |
| 9 | Norway | 107, 409 | 162, 613 | -33.95% |
| 10 | Italy | 66,700 | 161,932 | -58.80% |
Table 1.1-2 2023 Global new energy vehicle manufacturers sales TOP10
| Item | New energymanufacturer | Sales in 2023 | Sales in 2022 | Year-on-year growth |
| 1 | BYD | 3,024,417 | 1,863,494 | 62.30% |
| 2 | Tesla | 1,808,581 | 1,314,330 | 37.60% |
| 3 | BMW | 500,050 | 372,694 | 34.20% |
| 4 | GAC Aion | 439,536 | 271,557 | 61.90% |
| 5 | Volkswagen | 482,042 | 433,636 | 11.20% |
| 6 | GM-Wulin | 475,758 | 622,000 | -23.50% |
| 7 | Li | 377,041 | 133, 246 | 183.00% |
| 8 | Mercedes-Benz | 373,303 | 293,597 | 27.10% |
| 9 | Changan | 350,845 | 237,429 | 47.80% |
| 10 | Geely | 331,623 | 328,727 | 0.90% |
Table 1.1-3 2023 Global new energy vehicle model sales TOP10
| Item | Model | Manufacturer | Sales in 2023 | Sales in 2022 | Year-on-year growth |
| 1 | Tesla Model 3/Y | Tesla | 1, 739, 707 | 1, 369, 611 | 27.00% |
| 2 | Song (BEV+PHEV) | BYD | 636, 533 | 478,811 | 32.90% |
| 3 | Qin (BEV+PHEV) | BYD | 456, 306 | 341, 943 | 33.40% |
| 4 | Yuan Plus/Atto 3 | BYD | 418,994 | 229,020 | 83.00% |
| 5 | Dolphin EV | BYD | 354, 591 | 205,417 | 72.60% |
| 6 | Seagull EV | BYD | 254,179 | / | / |
| 7 | Hongguang miniEV | SAIC-GM-Wuling | 237,430 | 410,053 | -42.10% |
| 8 | Aion Y | GAC | 235,861 | 95, 111 | 148.00% |
| 9 | Han (BEV+PHEV) | BYD | 228,007 | 274,015 | -16.80% |
| 10 | Aion S | GAC | 220,915 | 116, 332 | 89.90% |
In 2023, China’s new energy vehicle production and sales reached 9.495 million units, an increase of 37.9%, and the penetration rate of new energy vehicles was 31.48%
(1) China’s new energy vehicle sales and penetration rate from 2013 to 2023
Table 1.1-4 China’s new energy vehicle sales and penetration rate from 2013 to 2023
| Year | Sales volume (10,000 units) | Year-on-year growth | Permeability |
| 2013 | 1.8 | 35.20% | 0.07% |
| 2014 | 7.5 | 323.80% | 0.29% |
| 2015 | 33.1 | 342.90% | 1.31% |
| 2016 | 50.7 | 53% | 1.97% |
| 2017 | 77.7 | 53.30% | 2.77% |
| 2018 | 125.6 | 61.70% | 4.35% |
| 2019 | 120.6 | -4% | 4.30% |
| 2020 | 136.7 | 10.90% | 5.56% |
| 2021 | 352.1 | 157.50% | 14.99% |
| 2022 | 688.7 | 93.40% | 31.33% |
| 2023 | 949.5 | 37.90% | 31.48% |
(2) Sales volume of new energy manufacturers in the Chinese market in 2023
Table 1.1-5 Sales of new energy manufacturers in the Chinese market in 2023
| Item | New energy manufacturers | Sales in 2023 | Sales in 2022 | Year-on-year growth |
| 1 | BYD Auto | 3,024,417 | 1,799,947 | 68.00% |
| 2 | Tesla China | 868,055 | 439,770 | 97.40% |
| 3 | Geely Auto | 487,461 | 304,911 | 59.90% |
| 4 | GAC Aion | 480,003 | 273,757 | 75.30% |
| 5 | Changan Auto | 472,500 | 212,277 | 122.60% |
| 6 | SAIC-GM-Wuling | 429,565 | 442,118 | -2.80% |
| 7 | Li Auto | 376,030 | 133,246 | 182.20% |
| 8 | SAIC Passenger Vehicles | 316,528 | 243,000 | 30.30% |
| 9 | Great Wall Motors | 261,546 | 123,920 | 111.1% |
| 10 | Volkswagen China | 223,424 | 191,521 | 16.70% |
| 11 | NIO | 160,038 | 122,486 | 30.70% |
| 12 | Leapmotor Auto | 144,155 | 111,168 | 29.70% |
| 13 | Xpeng Motors | 141,601 | 120,757 | 17.30% |
| 14 | Deepal Auto | 136,912 | 33,492 | 308.80% |
| 15 | Chery Auto | 131,833 | 221,157 | -40.40% |
2. European new energy vehicle market in 2023
Electric vehicle sales in European countries in 2023: Germany 524,000, UK 315,000, France 298,500, Sweden 112,000, Norway 104,600, Italy 66,700, Spain 62,800, Denmark 64,700.
Table 2.1-1 TOP10 best-selling electric vehicle models in Europe in 2023 (units)
| Item | Automobile Model | Automobile companies | Sales in 2023 |
| 1 | Model Y | Tesla | 254,822 |
| 2 | Model 3 | Tesla | 99,552 |
| 3 | Volkswagen ID.4 | Volkswagen | 85,268 |
| 4 | Skoda Enyaq | Volkswagen | 78,739 |
| 5 | Volvo XC40 | Volvo | 73,650 |
| 6 | MG4 | Shanghai AutomotiveIndustry Corporation | 72,421 |
| 7 | Audi Q4 e-tron | Volkswagen | 69,529 |
| 8 | Fiat 500e | Stellantis | 64,579 |
| 9 | Volkswagen ID.3 | Volkswagen | 63,475 |
| 10 | Duster Spring | Renault-Nissan Mitsubishi Alliance | 59,331 |
Germany leads with sales of 5.24 million vehicles, but it is hard to say what will happen after the subsequent subsidies stop. The UK and France rank second and third respectively. Sweden and Norway also perform well in the field of electric vehicles, but the total market capacity was limited, while Italy and Spain have more potential.
Tesla still leads in sales of new energy vehicles in Europe, but the gap between traditional car companies such as BMW and Volkswagen and Tesla is narrowing. In terms of specific auto models, the annual sales of Volkswagen ID.4 was not much different from that of Model 3.
Overall, in 2023, due to the impact of the epidemic and the Russian-Ukrainian war pressure brought by the energy crisis, the overall consumer market of automobiles in Europe has been suppressed, and the overall sales growth of new energy vehicles has slowed down, and even some countries have negative growth (Italy’s growth rate is -14%).
1.2.4 US New Energy Vehicle Market in 2023
Compared with the US new energy vehicle sales of about 350,000 vehicles from 2018 to 2020, the penetration rate of new energy vehicles hovered around 2%, and the energy vehicle sales in 2021 broke through for the first time to reached 680,000 vehicles, and the penetration rate of new energy vehicles increased to 4.4%. In 2022, the US new energy vehicle sales and penetration rate for the whole year showed a trend of continuous and high growth again.
In 2023, the total US automobile sales were 15.46 million vehicles, of which new energy vehicle sales were 1.386 million vehicles with a year-on-year increase of 71.7%, accounting for 8.9% of all automobile sales, higher than the same period last year by 5.8%.
Among them, BEV accounted for 80% of new energy vehicle sales and 9.1% of all passenger car sales.
Table 2.1-2 Sales of new energy vehicles in the US market in the past five years
| Year | Sales Volume | Year-on-year growth | Permeability |
| 2019 | 320,000 | -8.83% | 2.00% |
| 2020 | 324,000 | 1.25%% | 2.20% |
| 2021 | 652,000 | 101.20% | 4.40% |
| 2022 | 807,000 | 23.80% | 5.80% |
| 2023 | 138,6000 | 71.70% | 8.90% |
Table 2.1-3 TOP10 sales of new energy vehicles in the US market
| Item | Model | Sale Volume |
| 1 | Model Y | 386,000 |
| 2 | Model 3 | 228,000 |
| 3 | Mach-E | 41,000 |
| 4 | Chevrolet Bolt EUV | 39,000 |
| 5 | ID. 4 | 38,000 |
| 6 | IONIQ 5 | 34,000 |
| 7 | R1S | 24,000 |
| 8 | Ford F-Series | 24,000 |
| 9 | Model X | 24,000 |
| 10 | Chevrolet Bolt | 23,000 |
