Electric Vehicle (BEV/PHV/FCV) Sales Monthly Report (July 2023)

Electric vehicle sales in July increase 29.5% y/y to 983,000 units

2023/08/25

Share of electric vehicles (BEV/PHV/FCV)

  This report presents new car sales volumes (MarkLines aggregate data, excluding commercial vehicles; estimates are included) and analyzes sales trends of electric vehicles (BEV: battery electric vehicles / PHV: plug-in hybrid vehicles / FCV: fuel cell vehicles) in the global market in 14 countries, including 11 major countries, which account for approximately 80% of global car sales, and three Nordic countries (*Note).

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  11 major countries: China, U.S.A., Japan, India, Germany, France, Brazil, U.K., South Korea, Canada, Italy

  3 Nordic countries: Norway, Sweden, Finland

  These 14 countries account for about 90% of global electric vehicle sales.

 

 (Note 1) Aggregated on August 22, 2023
              Some corrections have been made to past vehicle data.
              The sales volume (shipment volume) for China are aggregate figures excluding exports.
              Share figures are based on the number of units in thousands.

 (Note 2) Reasons for high electrification rates in Nordic countries
              1. The population’s environmental awareness has always been high.
              2. A high percentage of electricity is generated from renewable energy sources such as hydroelectric power and wind power (awareness of the need to use abundant renewable energy for electric vehicles).
              3. Generous policies such as subsidies, tax incentives, and charging infrastructure development.
              4. A wide range of electric vehicle models is available.

 

  Sales of electric vehicles in the 11 major countries and the 3 Nordic countries of Norway, Sweden, and Finland (14 countries in total) totaled 983,000 units in July. Year-over-year (y/y), the number of units sold increased by 29.5%, while sales decreased by 9.6% compared to the previous month. Sales of electric vehicles fell short of the one million unit mark in July as overall new car sales declined.

  Cumulative sales in the period January through July increased by 31.9% y/y to 5.962 million units. The share of electric vehicles was 19.6% in July, a drop of 0.3 points compared to the previous month. Hybrid vehicles (HVs) numbered 326,000 units in the single month of July, with a 6.5% share of the market.

 

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