If you’re wondering who is winning in the growing electric vehicle market, you should know by now that Tesla and BYD are far ahead of the pack. We’ll have much more detail on the models and brands leading sales in our monthly World EV Sales Report later today. However, first, here’s a fun tidbit from BloombergNEF’s annual Zero-Emissions Vehicle Factbook. Colin Mckerracher, Head of transport and automotive analysis at BloombergNEF (BNEF), responding to the common claims lately that the EV market is down, had this to say:
For now, this looks much more like a winnowing down of who is competitive in the market than a general drop-off in demand.
Pure-play EV automakers are running away with it. They now account for 7% of global vehicle sales.
As highlighted in that graph he shared, EV automakers (companies that only produce plugin vehicles, such as BYD and Tesla) have grown from a little more than 1% of the world auto market in 2020 to about 6.6% of the world auto market in 2023.
Naturally, that growth has to be driven in part by BYD’s and Tesla’s leadership. Look at any of our world or China EV sales reports and that’s clear. However, there are also various pure-play EV startups that are seeing growing sales — NIO and XPeng and Li Auto in China, for example, and Rivian and Lucid in the United States. As I wrote last week, NIO sales were up 13% year over year in November, and XPeng sales were up 245% in the same period. The overall auto market is not seeing the same growth.
Colin also pointed out that sales are rising fast in some Asian markets that get a lot less attention than the Big Boys. “Are EVs just a rich world phenomenon? No, they’re growing fast in emerging economies like India, Thailand and Indonesia. EV models in the $10,000 range mean more growth ahead,” he writes.
More details are in BNEF’s 2023 Zero-Emissions Vehicles Factbook, and we’ll be covering more highlights in articles to come. But these two notes have to be two of the biggest trends about the growing EV market at the moment — pure-play EV startups are on the rise, and EV markets in much less talked about nations are on the rise around the world. More at 11:00!