Global electric vehicle market grew 29.0 percent annually in April 2022

The global electric vehicle (EV) market sales in the first quarter far outperformed expectations although many EV automakers increased the prices of their models in response to rising raw material costs. However, coupled with lockdowns in some regions in China due to its Zero-Covid policy, this exacerbated supply chain constraints and weakened April sales prospects. According to Researcher and Research LLC, the global EV market sold 540,952 units in April 2022, with a year on year (YoY) growth of 29.0% and a month on month (MoM) decline of 33.0%. The proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) were 69.8% and 30.2%, respectively, compared with 66.0% and 34.0% of the same period last year, BEV showed a slight growth.   Figure 1  Sales units of the global top 10 EV sales countries in April 2021 vs April 2022   China, the US, Germany, France, the

2022-05-14T05:50:51-07:00May 16th, 2022|Categories: Global EV Snapshot|Tags: , , , , , , , , , , , , , |

The proportion of LFP battery in electric vehicle will continue to hit record highs in 2022

According to Researcher and Research LLC, a new high share of lithium-iron-phosphate (LFP) battery in global electric vehicle (EV) market (in terms of MWh) was 19.2% in March 2022, as shown in figure 1. We expect the share of EV using LFP battery continues to reach new highs this year, mainly driven by sales from Tesla, BYD, GM (Wuling), Chery, GreatWall, XPeng and etc.   Figure 1  Share (MWh) of LFP battery in global EV market   Most of EV models using LFP battery were manufactured and sold in the Chinese market last year, and the share of LFP battery in the Chinese EV market has challenged the dominance of ternary lithium battery such as nickel-manganese-cobalt (NMC) and nickel-cobalt-aluminum (NCA). With the successive shipments of some of Tesla’s models equipped with LFP battery, LFP battery has entered the global market. The performance of early LFP battery was seriously behind

2022-04-29T06:13:18-07:00May 2nd, 2022|Categories: Global EV Snapshot|Tags: , , , , , , , , , , , , , |

Chinese electric vehicle market grew 145.0 percent annually in Q1 2022

According to Researcher and Research LLC, China's electric vehicle (EV) market reached 1.131 million units in the first quarter of 2022, with an annual growth rate of 145.0%. Its share of the global EV market grew to 56.5% from 39.4% in the same period last year. Except for maintaining its position as the world's largest EV sales market, China also had the highest year on year (YoY) growth rate among the global top 10 EV countries. The sales proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) were 79.4% and 20.6%, respectively, and compared with 84.2% and 15.8% in the same period of 2021, PHEV showed significant growth. EV and BEV penetration rates reached 21.9% and 17.4%, respectively, over doubling from 9.1% and 7.7% in the same period last year. In terms of best-selling models, the top 20 sold a total of 662,129 units, with a market

2022-04-26T20:36:55-07:00April 25th, 2022|Categories: Global EV Snapshot|Tags: , |

Global electric vehicle market grew 70.7 percent annually in Q1 2022

According to Researcher and Research LLC, the global electric vehicle (EV) market grew to 2.004 million units in the first quarter of 2022, with a year on year (YoY) growth of 70.7%, as shown in figure 1.   Figure 1  Global quarterly EV sales and annual growth rates, Q1'21-Q1'22   The proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) were 72.8% and 27.2%, respectively, compared with 67.5% and 32.5% of the same period last year, BEV was on a rise. In terms of EV sales volume and market shares in major countries, China remains the world's largest EV sales country, with an annual growth rate of 145.0% and a market share of 56.5%, up significantly from 39.4% in the same period last year. With annual growth of 61.1%, the US had overtook Germany to become the world's second-largest market by sales, as shown in figure

2022-04-16T20:48:04-07:00April 18th, 2022|Categories: Global EV Snapshot|Tags: , , , , , , , , , , , , |

US electric vehicle market with high automaker concentration

Since the outbreak of Covid 19 in the first quarter of 2020, the global auto market has continued to face the impact of supply chain constraints, and the Russian invasion of Ukraine and inflation have exacerbated supply chain risks this year. The United States, the world's second-largest auto market after China, has undoubtedly been affected, with its passenger vehicle market showing negative growth year-over-year in all but five months from March to July 2021. In contrast, the annual growth rate of the US electric vehicle (EV) market outperformed the overall auto market by a wide margin, as shown in figure 1.   Figure 1  Monthly annual growth rates for EV and passenger vehicle in the US   The US EV market is the second-largest globally, but its size is far smaller than that of China. For example, in February this year, the Chinese market accounted for 39.3% of the

2022-04-09T05:02:11-07:00April 11th, 2022|Categories: Global EV Snapshot|Tags: , |

China’s electric vehicle market ranked first in size and growth among the global top ten sales countries in February 2022

According to Researcher and Research LLC, China's electric vehicle (EV) market reached 295,502 units in February 2022, with an annual growth rate of 182.8%. Its share of the global EV market grew to 54.3% from 36.8% in the same period last year. Except for maintaining its position as the world's largest EV sales market, China also had the highest year on year (YoY) growth rate among the global top 10 EV countries. The sales proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) were 76.5% and 23.5%, respectively, and compared with 85.2% and 14.8% in the same period of 2021, PHEV showed significant growth. EV and BEV penetration rates reached 21.9% and 16.7%, respectively, over doubling from 8.9% and 7.6% in the same period last year. In terms of best-selling models, the top 20 sold a total of 166,457 units, with a market share of 56.3%, a

2022-03-25T21:15:34-07:00March 28th, 2022|Categories: Global EV Snapshot|Tags: , |

Global electric vehicle market grew 91.7 percent annually in February 2022

According to Researcher and Research LLC, global electric vehicle (EV) market grew to 543,818 units in February , with a year on year (YoY) growth of 91.7%. The proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) were 69.7% and 30.3%, respectively, compared with 64.7% and 35.3% of the same period last year, BEV was on a rise. In terms of EV sales volume and market shares in major countries, China remains the world's largest EV sales country, with an annual growth rate of 182.8% and a market share of 54.3%, up significantly from 36.8% in the same period last year, as shown in figure 1. With annual growth of 65.9%, the US continued overtaking Germany to maintain the world's second-largest market by sales, with its market share falling to 11.0% from 12.7% in the same period last year. Germany, the third-largest sales country, grew 24.2% a

2022-03-18T05:23:08-07:00March 21st, 2022|Categories: Global EV Snapshot|Tags: , , , , , , , , , , , , |

Japan became the global top ten electric vehicle sales country for the first time in January 2022

As a member of the R-N-M Alliance, the Japanese carmaker Nissan began selling the Nissan Leaf electric vehicle (EV) a decade ago and has become one of the world's longest-selling battery electric vehicle (BEV) models. However, the Japanese government and automakers appear to be overly conservative in their stance on the development of the EV market compared to the other major auto industry powers and automakers. They strongly support hybrid cars as the most logical option for Japanese automakers and their auto market to transition from petrol cars to EVs. Therefore, Japanese carmakers have not been active in EV sales in recent years, and the development of the domestic EV market in Japan is relatively slow. According to Researcher and Research LLC, Japan was the world's fourth-largest auto market with 2.399 million passenger cars sold in 2021, just behind China with 20.857 million, the US with 14.936 million, and Germany

2022-03-13T05:54:29-07:00March 14th, 2022|Categories: Global EV Snapshot|Tags: , , , , , , , , , |

Will Tesla add a second LFP battery supplier?

Although Tesla is known for its innovation in the automotive industry, Tesla has begun to realize that it should not pay too much attention to technical details and perfect design during the development of Tesla Roadster. And then Tesla transformed itself into a company that stressed both innovative performance and cost management when developing Model S and Model X. And Tesla attached greater importance to the implementation management of feasible solutions for Model 3 and Model Y. Tesla quickly reached the stage of cost control. Tesla is actively looking for various components and suitable solutions that can reduce costs and continues to simplify vehicle structure and manufacturing processes. As a result, Tesla can be said to be a combination of the innovative nature of tech companies in Silicon Valley and the ability of traditional automakers to focus on production costs. Like Apple, Tesla is doing practical research and development, with

2022-03-07T04:23:46-08:00March 7th, 2022|Categories: Global EV Snapshot|Tags: , , , , , , |

China accounted for around 60% of global electric vehicle market in January 2022

According to Researcher and Research LLC, China's electric vehicle (EV) market reached 380,001 units in January 2022, with an annual growth rate of 137.5%. Its share of the global EV market grew to 58.2% from 50.2% in the same period last year, maintaining its position as the world's largest EV sales market. The sales proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) were 79.3% and 20.7%, respectively, and compared with 84.1% and 15.9% in the same period of 2021, PHEV showed significant growth. EV and BEV penetration rates reached 17.8% and 14.1%, respectively, a significant increase compared with 7.6% and 6.4% in the same period last year. In terms of best-selling models, the top 20 sold a total of 220,389 units, with a market share of 58.0%, a significant decrease from 74.9% a year ago, mainly due to the decline in the share of the top-selling

2022-02-28T20:39:27-08:00February 28th, 2022|Categories: Global EV Snapshot|Tags: , |
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