Critical Minerals and Energy Intelligence

Q1 News Highlights for the EV Market

Some highlights from around the world in the EV market for this past quarter.

Global EV Sales Surge by 32% Year-over-Year: Global passenger EV sales increased by 32% compared to the same period in the previous year. Battery electric vehicles (BEVs) accounted for 73% of these sales, while plug-in hybrid electric vehicles (PHEVs) made up the remaining 27%. Notably, one in every seven cars sold during this quarter was an EV.

Tesla Model Y Becomes World’s Best-Selling Passenger Car: Tesla’s Model Y surpassed both electric and internal combustion engine vehicles.

United States Overtakes Germany as Second-Largest EV Market The U.S. experienced a 79% year-over-year increase in EV sales during Q1 2023, allowing it to surpass Germany and become the world’s second-largest EV market, following China.

China Maintains Dominance with 56% of Global EV Sales Despite a 12% decline in overall passenger vehicle sales, China’s EV market grew by 29% year-over-year in Q1 2023, accounting for 56% of global EV sales.

Automakers Engage in Price Wars to Boost EV Sales In response to Tesla’s price reductions in January, nearly 40 automakers, including BYD, NIO, Xpeng, Volkswagen, BMW, Mercedes-Benz, Nissan, Honda, and Toyota, implemented their own price cuts between February and March.

Volkswagen Group’s BEV Sales Increase by 42% Volkswagen Group reported a 42% year-over-year increase in BEV sales, delivering approximately 141,000 units in Q1 2023.

Challenges Persist in U.S. EV Adoption While U.S. EV sales grew, the overall auto market faced challenges with high interest rates and limited charging infrastructure believed to be contributing to a slowdown in EV sales growth.

Global EV Sales Projected to Exceed 14.5 Million Units in 2023 Analysts forecast that global EV sales will surpass 14.5 million units by the end of 2023.

Anthony Milewski

Chairman, Nickel 28 Capital

Disclaimer

The Oregon Group maintains full editorial control over all content published on this website. While sponsored and advertised placements may be featured, the content remains the sole opinion of The Oregon Group. The author may receive compensation or remuneration for providing content, but all statements and expressions are made independently and are not influenced by sponsors or advertisers. From time to time, The Oregon Group and its directors, officers, partners, employees, authors, or members of their families, as well as persons who are interviewed for articles on this website, may have a long or short position in securities or commodities mentioned and may make purchases and/or sales of those securities or commodities in the open market or otherwise. By accessing and using this website, readers are cautioned to assume that each of the foregoing persons may have a financial interest in all companies and sectors mentioned on this website. Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable., and any such statements are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities or commodities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and The Oregon Group undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material. The information provided on this website is for informational purposes only and is not, directly or indirectly, an offer, solicitation of an offer and/or a recommendation to buy or sell any security or commodity, and the information provided on this website should not be construed as any advice or an opinion as to the price at which the securities of any company or commodity may trade at any time. The Oregon Group is a publisher of financial information, not an investment advisor. We do not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient, and the information provided on this website is not and should not be construed as personal, financial, investment or professional advice. Readers are cautioned to always do their own research and review of publicly available information and to consult their professional and registered advisors before purchasing or selling any securities or commodities and should not rely on the information contained herein. Neither The Oregon Group nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein. By using the Site or any affiliated social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.