📊 China's BYD Overtook Tesla to Dominate Global Passenger Electric Vehicle Market Share in 2022
Chinese Electric Vehicle maker BYD overtook Elon Musk's Tesla to top the chart of the global passenger EV market in Q4 2022.
The car manufacturer grew 153% YoY in Q4 2022, to command a sizeable 20% market share ahead of Tesla's 12%. In the same quarter in the previous year, Tesla was ahead by 2 percentage points, however, BYD’s three best-selling models – Song, Qin and Han – drove sales in both 2022 and Q4 2022 accounting for over 55% of its total sales and boosting it ahead of Tesla.
CHART: Global Electric Vehicle Sales Crossed 10 Million in 2022
Global Electric Vehicle (EV) sales crossed the 10 million mark to reach 10.2 million in 2022 as sales in Q4 2022 rose by 53% YoY according to the latest research from Counterpoint. During the quarter, battery EVs (BEV) accounted for almost 72% of all EV sales, while plug-in hybrid