The term NEV encompasses three types of vehicles: battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs). In the second quarter (Q2), NEV sales reached an impressive 3.03 million units, representing a significant 42.8% year-on-year (YoY) surge. These sales accounted for 14.4% of total car sales during that period.

BEVs alone achieved sales of 2.151 million units in Q2, indicating a YoY growth rate of 39.3%. Notably, Tesla remains the Market leader, commanding a market share of 21.7%. BYD follows closely with a market share of 16.2%. GAC Aion secures the third position with a 6% market share.

PHEVs also experienced a substantial increase in sales, with 876,000 units sold in Q2, reflecting a YoY growth rate of 52.9%. China dominated this market, accounting for 66% of PHEV sales. In the PHEV segment, BYD holds a commanding market share of 36.5%. Additionally, BYD’s subsidiary Denza has increased its market share to 3.4%, securing the seventh spot.

Li Auto achieved a Q2 record by selling 87,000 units, maintaining its second-place position with a 10% market share. Notably, both Volvo and Jeep, as international competitors, experienced growth from the previous year. Jeep, in particular, surpassed 30,000 units sold and broke into the top five for the first time.

Furthermore, the NEV market is expanding beyond China. Thailand and Australia saw impressive sales figures, exceeding 35,000 units in 1H23. Thailand witnessed a quadrupling of its sales compared to 2022, while Australia experienced a fivefold increase.

The rise of NEVs signifies a global shift towards sustainable transportation and highlights the increasing popularity and viability of electric and hybrid vehicles.

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