The global market for electric vehicles reached 7.8 million units sold in 2022, according to a report by L’Argus, a French outlet that has analyzed the most popular all-electric models of the past year. However, the conclusion that has been repeated in recent months is that Europe is lagging behind in this area.
Of the 7.8 million units sold, approximately 1.5 million were in Europe. In Spain, 36,444 electric vehicles were sold, representing 3.79% of total car sales. This figure is expected to be left behind this year, as 18,043 electric vehicles have been sold in Spain up to the end of April, an increase of 67.86% compared to the same period of the previous year, representing 4.90%. of the total number of electric vehicles sold in the country.
Tesla stands out as the clear winner when it comes to electric vehicle models. According to data from L’Argus, Tesla Model Y topped the list with 747,500 units sold, followed by the Tesla Model 3 with 482,200 units sold. In Europe, during the first quarter of this year, the Tesla Model Y became the best-selling car between January and April, marking a milestone for electric vehicles and the first time this has happened. Additionally, Tesla has waged a price war on both models, which is expected to further boost sales.
China also plays a dominant role in the electric vehicle market, with the world’s third best-selling car: the Wuling Hongguang Mini EV, a microcar that managed to sell 443,400 units. Also, Chinese manufacturers BYD and GAC stand out on the list, with BYD Dolphin being the fourth best-selling electric car in the world. GAC, for its part, promises autonomy of 1,000 kilometers in its electric vehicles and has great expectations in relation to graphene.
Except for Tesla and Chinese manufacturers, only the Volkswagen ID.4, an electric SUV, manages to enter the best-seller list, ranking sixth with 175,600 units sold. However, Volkswagen is closer to leaving the top than to reaching the podium. The 10th best-selling model is the BYD Han with 116,500 units, showing why BYD has surpassed Volkswagen in sales and lost its leading position in the market.
The list of the best-selling electric vehicles in the world is an indication of what is to come. Tesla has managed to dominate a price war in which, so far, it has emerged victorious, while Western manufacturers try to keep up. At the same time, China is consolidating its dominant position with an increasingly strong presence. Although the United States is trying to stop this trend through investment, in Europe the measures are being few and only France seems willing, for now, to adopt protectionist measures to protect its automotive industry.
The outlook is a wake-up call for the global market. The list of best-selling electric vehicles reveals the growing competition and dominance of Tesla, as well as the unstoppable rise of Chinese manufacturers. While Tesla has managed to establish its leadership through aggressive pricing strategies and a strong presence in Europe, Western manufacturers are struggling to keep up and find ways to compete.
On the other hand, China has become a key player in the electric vehicle industry, demonstrating increasingly solid dominance. Its focus on producing microcars like the Wuling Hongguang Mini EV has been a hit on the congested streets of Chinese cities. In addition, manufacturers such as BYD and GAC are gaining ground with innovative offerings and attractive features such as improved ranges and graphene technology.
The only European manufacturer that manages to sneak into the best-seller list is Volkswagen, with its ID.4 model. However, its sixth place position indicates that it still has a long way to go to compete with Tesla and the Chinese manufacturers.
This outlook also highlights the need for stronger and more strategic action by Western manufacturers and European governments to boost EV adoption and strengthen the competitiveness of the automotive industry in the region. Meanwhile, the United States is trying to curb imports. The transition to electric vehicles is inevitable and this report highlights the importance of stronger action by European manufacturers and governments in the region to boost the electric vehicle market and stay competitive on the global stage. Otherwise, they risk falling behind in this fast-growing industry, where Tesla and Chinese manufacturers are currently dominating.
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