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Electric vehicles hit record sales in 2023, despite slowdown

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Chinese automaker, BYD, sold 526,409 fully electric vehicles (EVs) in comparison to Tesla’s 484,507 in 4Q 2023.

This means BYD is now the top company in the world for EVs, with annual sales of 3,024,417, a year-on-year increase of 62.3%. And that Tesla exceeded it’s annual target for 1.8 million EV deliveries.

Bloomberg estimates a cumulative total of 41 million EVs will have been sold by the end of 2023, up from just 10 million at the end of 2020.

BYD beats Tesla in electric vehicle sales Q4 2023 - The Oregon Group - Investment Insights

In November, sales of battery electric vehicles and plug-in hybrid electric vehicles reached a new monthly record of 1.4 million units in November 2023, up from 1.1 million in November 2022, according to market research firm Rho Motion.

However, as we highlight in our latest analysis, EV sales are slowing and expected to retrench further in 2024 due to rising costs, a global economic slowdown, as well as a reduction in eligibility for US tax credits.

US electric vehicle sales change from a year earlier - The Oregon Group - Investment Insights

This growth will obviously have a knock-on effect on critical metals demand:

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The Oregon Group

The Oregon Group

The Oregon Group is an investment research team founded by independent capital markets experts, Anthony Milewski and Justin Cochrane.

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