On April 25, 2024, new energy vehicles were exported from Lianyungang Port in Jiangsu Province, China.
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One company said sales of electric vehicles have surged this year, driven by growth in China, particularly strong demand for hybrid vehicles. Report From counterpoint studies.
A report released on Monday showed that global sales of electric vehicles, including battery electric vehicles (BEV) and hybrid vehicles, grew 18% in the first three months of 2024 compared with the same period last year.
Sales of hybrid cars, which feature both an electric motor and an internal combustion engine, far outpace their all-battery alternatives, growing 46% from the same period last year. Sales of pure electric vehicles increased by 7%.
Counterpoint research analyst Abhik Mukherjee said in the report: “The upfront cost of (hybrid vehicles) is cheaper compared to (battery electric vehicles), and the availability of fuel tanks can eliminate range anxiety, which is the demand for (hybrid vehicles) The main reason for the high.
The data follows recent reports suggesting that hybrid vehicle adoption is now outpacing that of full electric vehicles amid concerns about weak resale values and the fact that current battery-electric vehicle technology may soon become obsolete. car.
“For consumers, purchasing mid-priced (hybrid vehicles) is a more reasonable option because their prices are comparable to or lower than most (battery electric vehicles),” the report said.
China expands its lead
Chinese companies are huge beneficiaries of growing demand for electric vehicles, especially those selling pure electric and hybrid vehicles.
According to Counterpoint, China’s electric vehicle sales increased by 28% in the first quarter of 2023 The ongoing price war reduces costs for consumers.
BYD, China’s largest electric vehicle manufacturer, saw its hybrid vehicle sales grow 7% in the first three months of this year, accounting for nearly one-third of the global hybrid vehicle market, followed by Geely Holding and Li Auto.
U.S. electric vehicle sales rank second in the world Next is Europe. However, while overall U.S. electric vehicle sales increased by 2%, pure electric vehicle sales fell by 3% in the quarter.
Tesla is the leading electric vehicle manufacturer in the United States. It only produces pure electric vehicles. Its sales in the first quarter fell 9% compared with the same period last year. In the first quarter of 2024, its pure electric vehicle sales still ranked first in the world, with a market share of 19%. BYD and Volkswagen hold 15% and 6% shares respectively.
According to the report, among the three major pure electric vehicle manufacturers, only BYD grew, with sales increasing by 13%, while sales of Tesla and Volkswagen fell by 9% and 4% respectively.
BYD’s strong performance stems from the company’s aggressive global expansion. The company exported nearly 100,000 electric vehicles last quarter, a 152% year-on-year increase, mainly driven by shipments to Southeast Asia, the report said.
Liz Lee, associate director at Counterpoint, said BYD’s outstanding exports highlighted the growing global demand for electric vehicles, including hybrids, and the market was “potentially expected to grow significantly”.
“Signs of an economic slowdown are also looming, with annual growth likely to fall below 20%,” she added, noting that companies such as Tesla are facing declining interest in pure electric vehicles.
A Gallup poll The April survey found that less than half of U.S. adults (44%) said they were seriously considering or might consider buying an electric vehicle, down from 55% in 2023. The proportion will rise to 48% from 2023.
Other headwinds facing the market could include an increase in protectionist measures in 2024, with both the EU and the US reportedly set to impose new tariffs on electric vehicle imports from China.
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