CHART: One in every 7 cars sold during Q1 2023 was an electric vehicle

In Q1 2023, global passenger electric vehicle (EV) sales grew by 32% compared to the previous year, with one in every seven cars sold being an EV indicating a rapid shift towards electric vehicles, according to data shown in Counterpoint's research.

Battery EVs (BEVs) accounted for 73% of EV sales, while plug-in hybrid EVs (PHEVs) made up the rest.

Per region, China remained the leading EV market, experiencing a remarkable 29% YoY growth, despite a 12% decline in overall passenger vehicle sales. The US surpassed Germany to become the world's second-largest EV market, with EV sales soaring over 79% YoY.

Per EV brand, The top 10 automotive groups, representing 48 brands, dominated the global EV market, capturing three-fourths of total EV sales. BYD remained the market leader with a 21.10% market share, with Tesla trailing behind with a 16.01% global share, looking at the Techloy chart below.

Per EV model, Tesla's Model Y maintained its position as the best-selling EV globally, followed by Tesla's Model 3 and BYD's Song. Notably, Tesla's Model Y became the best-selling passenger car model worldwide, surpassing traditional fuel vehicles.

Based on forecasts, global EV sales are projected to exceed 14.5 million units by the end of 2023. The implementation of EV tax credit subsidies in the US is projected to drive substantial sales growth in the country this year.