A recent study based on EV-Volumes data, shared by researcher Jose Pontes, reveals that global registrations of plug-in electric cars in October approached 1.3 million units, closely trailing the September record. The report indicates that 1,279,000 new passenger plug-in electric cars were registered globally in October, marking a 37% increase compared to the previous year and falling just short of the September figure by approximately 12,000 units.
The study highlights the growing popularity of rechargeable cars, constituting 17% of total global car registrations, with all-electric cars accounting for 12% and plug-in hybrids representing 5%. Notably, the year-over-year growth rates are positive for both segments, with all-electric cars showing a 33% increase and plug-in hybrids experiencing a higher surge of 46%.
The data suggests the possibility of surpassing 1.4 million new plug-in electric car registrations in November or December. Year-to-date figures indicate that over 10.7 million plug-in electric cars have been registered worldwide in 2023, constituting approximately 16% of the total volume.
Plug-in car registrations for October were categorized as follows:
- Battery Electric Vehicles (BEVs): Estimated at around 870,000, with a 12% market share
- Plug-in Hybrid Electric Vehicles (PHEVs): Estimated at around 409,000, with a 5% market share
- Total: 1,279,000 (up 37%) and 17% market share
Year-to-date plug-in car registrations are estimated as follows:
- BEVs: Approximately 7.5 million
- PHEVs: Approximately 3.2 million
- Total: 10,731,954 (up 38%) and over 16% market share
The report notes the continued dominance of the Tesla Model Y as the world’s best-selling plug-in model in October, with more than 78,000 new registrations. Other top models include various BYD nameplates and the Tesla Model 3.
In terms of brands, BYD demonstrated significant strength, surpassing Tesla with almost 290,000 new registrations in October. The study suggests that BYD could potentially become the top player in terms of volume for both battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and all passenger plug-ins in the coming months.
After the first ten months of 2023, BYD holds a substantial lead over Tesla, with over 2.26 million registrations compared to Tesla’s 1.43 million. The rest of the industry lags behind, with SAIC-GM-Wuling, Volkswagen, and BMW among the top performers.
