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

Electric vehicle sales in October increase 27.9% y/y to 1,113,000 units

2023/11/27

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 November 21, 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 1.113 million units in October. Year-over-year (y/y), the number of units sold increased by 27.9%, while month-over-month (m/m) sales decreased by 2.3%. The share for the single month of October was 20.9%, up 0.7 points from the previous month. Cumulative sales for the January to October period increased 30.4% y/y to 9.306 million units, resulting in a market share of 18.6%.

  The number of HVs (hybrid vehicles) sold in October increased 28.7% y/y to 359,000 units, while HV cumulative sales for the January to October period increased 27.8% y/y to 3.440 million units. The y/y growth rate of HVs is higher than that of electric vehicles, indicating that the number of HVs is growing steadily.

  At the end of September, the UK government announced the ZEV Mandate, which sets the percentage of new ZEV production required by automakers in each year through 2030. According to the mandate, 80% of new passenger cars and 70% of new vans sold in the UK are required to be ZEVs by 2030. In the UK, the number of public charging points being installed is increasing, and investments in infrastructure are also active. In September, sales of electric vehicles declined in Germany due to the end of preferential treatment for company cars. Government policies on electric vehicles are expected to have a significant impact on sales volumes, and it will be necessary to continue to closely monitor information from each country and region.

 

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