Critical Minerals and Energy Intelligence

Q2 EV Market Highlights

Here’s a look at some of the top news highlights from this past quarter.

Global EV Sales Surge by 61%: In Q2 2022, global passenger EV sales reached 2.18 million units, marking a 61% year-over-year increase. Battery electric vehicles (BEVs) accounted for nearly 72% of these sales, with plug-in hybrid electric vehicles (PHEVs) making up the remainder.

BYD Overtakes Tesla as Top-Selling EV Brand: Chinese automaker BYD Auto surpassed Tesla to become the world’s leading EV brand in Q2 2022, delivering over 354,000 units—a 266% increase from the previous year.

China Leads Global EV Market: China’s EV market saw sales increasing 92% year-over-year to 1.24 million units in Q2 2022, which is more than half of global EV sales during this period.

Tesla’s Sales Growth Slows Amid Challenges: Tesla’s global sales grew by 27% year-over-year in Q2 2022, totaling over 254,000 units. However, the company faced production challenges in China due to COVID-19 lockdowns, resulting in a 49% year-over-year decline in April and May sales in the country.

Volkswagen Group’s BEV Sales Show Modest Growth: Volkswagen Group reported global BEV sales of 118,000 units in Q2 2022, a 6% year-over-year increase. While sales in China rose by 188%, declines were observed in Europe and the U.S. due to supply chain disruptions and production halts.

BMW Group’s Electric Sales Increase: BMW Group’s all-electric vehicle sales grew by 85% year-over-year in Q2 2022, totaling 40,602 units. The company anticipates doubling its BEV sales in 2022 compared to the previous year.

Government Incentives Boost EV Adoption: Government policies have played a significant role in promoting EV adoption. The U.S. introduced new incentives for automakers and consumers, while China extended its consumer-side subsidies until 2023.

Anthony Milewski

Chairman, Nickel 28 Capital

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