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

Electric vehicle sales in August increase 36.5% y/y to 1,088,000 units


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 September 20, 2023
              Sales volume for China (shipment volume) are totals excluding export figures.
              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 1.088 million units in August. This is a 36.5% year-over-year (y/y) increase and a 10.7% month-over-month (m/m) increase, both measures increasing by double digits. While there was no significant change in the total number of vehicles sold in the 14 countries, electric vehicle sales volume increased by just over 100,000 units, resulting in a 2.0 point increase in market share over the previous month to 21.5%. Compared to the end of last year, when the number of vehicles sold grew rapidly, the difference has narrowed to 1.0 point, with the share of electric vehicles steadily increasing.

  Cumulative sales from January through August increased to 7.060 million units. Y/y growth for the period was up 32.7%, and the trend in cumulative sales volume continues to increase compared to the previous year.

  On the other hand, HV volume for the single month of August was up 29.0% y/y to 311,000 units, but down 10.6% compared to the previous month. As with electric vehicles, HVs are on the rise with sales volume for the January-August period up 25.3% y/y. Although there is a trend toward the purchase of electric vehicles and HVs due to the rising price of gasoline against the backdrop of high crude oil prices, internal combustion engine vehicles still account for more than 70% of the total.


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