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

Electric vehicle sales in January down 1.1% y/y to 554,000 units

2023/02/24

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) 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.

 

*Note 1: Vehicle data rounded off to the nearest thousand units
*Note 2: The sales volume (shipment volume) for China has been changed to an aggregate figure excluding exports.

 

  Sales of electric vehicles in the 11 major countries and the 3 Nordic countries of Norway, Sweden, and Finland (14 countries in total) fell significantly in January to 554,000 units. The year-over-year (y/y) decrease was 1.1%, and the month-over-month (m/m) decline in sales was 53.0%.

  The share of electric vehicles considering all powertrains was 13.9%, a drop of 8.7 points from the previous month. On the other hand, the share of HVs (hybrid vehicles) was 6.4%, an increase of 1 point from the previous month. The overall decline in volume is largely due to factors in China, which accounts for more than 30% of the 14 countries’ electric vehicle sales. These factors include the Chinese New Year holidays and the end of preferential treatment from the government for purchasing New Energy Vehicles at the end of 2022.

 

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