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

Electric vehicle sales in November increase 22.5 % y/y to 1,243,000 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 December 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 1.243 million units in November. This is a 22.5% year-over-year (y/y) increase and a 11.6% month-over-month (m/m) increase. The share for the single month of November was 22.7% , up 1.8 points from the previous month. This is the highest number ever, slightly exceeding last December's 1.171 million units and 22.5% market share. Cumulative sales for the January to November period for these countries increased 29.4% y/y to 10.550 million units. The share of electric vehicle sales in the total number of vehicles was 19.0%.

  HV vehicle sales in November were 352,000 units reflecting an increase of 27.5% y/y. This is an 8.6% decrease compared to the previous month, but compared to the same month last year, it is outpacing the growth rate of electric vehicles. The share for the single month of November was 6.4%, down 0.8 points from the previous month. Cumulative sales in the period January through November increased by 28.7% y/y to 3.818 million units.

  In China, a notification was announced in November aimed at promoting the electrification of public vehicles. Sales volume is expected to continue to grow in the future as the content further promotes the spread of electric vehicles, infrastructure development, and system building. Movements related to the EV shift continue in each region, with the European Automobile Manufacturers' Association (ACEA) announcing a roadmap for building a mobility ecosystem in Europe.


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