In a groundbreaking achievement, global sales of plug-in electric cars surpassed one million units in May, marking the fifth time in history that such a milestone has been reached. Data from EV-Volumes, provided by Jose Pontes, reveals that a staggering 1,057,509 new passenger plug-in electric cars were registered worldwide during the month. This figure represents an impressive 50 percent increase compared to the same period last year and accounts for approximately 16 percent of the total market share.
Of the total volume, all-electric cars constituted a significant portion, with over 720,000 units sold, representing approximately 70 percent of the total sales. Furthermore, battery-electric vehicles (BEVs) have consistently maintained a 10 percent market share since February.
Breaking down the plug-in car registrations for May, BEVs accounted for an estimated 727,000 units, capturing an 11 percent market share. Additionally, plug-in hybrid electric vehicles (PHEVs) registered approximately 330,000 units, comprising a 5 percent market share. Overall, the combined total of plug-in car registrations for the month reached an impressive 1,057,509 units, showcasing a remarkable 50 percent year-over-year growth and capturing a 16 percent market share.
The cumulative data for the year thus far is equally impressive, with over 4.5 million plug-in electric cars registered worldwide. This figure amounts to around 14 percent of the total volume of cars sold.
For the year-to-date registrations in 2023, BEVs accounted for an estimated 3.26 million units, holding a 10 percent market share. PHEVs, on the other hand, registered approximately 1.3 million units, constituting a 4.0 percent market share. The combined total for the year reached an impressive 4,558,183 units, showcasing a substantial 41 percent year-over-year growth and capturing roughly 14 percent of the market share.
It is worth mentioning that in 2022, the global market witnessed an unprecedented milestone as over 10 million new passenger plug-in electric cars were registered for the very first time.
In May, the Tesla Model Y emerged as the most popular plug-in model in the world, recording over 90,000 new registrations. Following closely behind were the BYD Qin Plus family (BEV and PHEV) with 42,895 units, the Tesla Model 3 with 38,453 units, and the BYD Song Plus family (BEV and PHEV) with 38,056 units.
Notably, the majority of the top ten models were Chinese products, with eight out of ten being from Chinese manufacturers, including five from BYD. This dominance can be attributed to the early push by Chinese companies in the development of BEVs, while Western OEMs were hesitant to embrace electric vehicles 5-15 years ago.
The leading plug-in brands in May were BYD with over 228,000 new registrations, outperforming all other brands by a significant margin. Even Tesla trailed behind with nearly 100,000 units fewer.
The top ten plug-in brands for the month included BYD, Tesla, GAC Aion, BMW, Volkswagen, SAIC-GM-Wuling, Mercedes-Benz, Li Auto, Volvo, and Changan. BYD remained the largest manufacturer of rechargeable cars, with over 950,000 units sold and close to a 21 percent market share. Tesla maintained its dominance in the all-electric car category, surpassing 670,000 units, compared to BYD’s less than 490,000 units.
The presence of BMW, a premium brand, in the relatively high position is noteworthy. However, it is anticipated that other brands like GAC and Volkswagen will eventually overtake BMW in the near future.
