Global Electric Vehicle Market Records 31% Sales Boom In 2023: Report
Portfolio Pulse from Benzinga Neuro
The global electric vehicle (EV) market saw a 31% increase in sales in 2023, with 13.6 million units sold, of which 9.5 million were battery electric vehicles (BEVs). This growth, although significant, marks a slowdown from the 60% growth in 2022. Rho Motion projects a 25-30% increase in EV sales for 2024 and notes a record 1.5 million EV units sold in December 2023. Concerns about a potential slowdown in the European market exist, as drivers may await new models. Cox Automotive predicts over 70 new EV models in the U.S. market soon, which could impact the market. BYD Co Ltd surpassed Tesla Inc in battery-only EV sales for the first time in 2023, indicating a competitive shift in the industry.
January 11, 2024 | 8:28 am
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Tesla Inc experienced a new competitive challenge as BYD Co Ltd surpassed it in battery-only EV sales for the first time in 2023. Despite the overall growth in the EV market, Tesla's leading position is being contested, which could impact investor sentiment.
Tesla's stock price may face short-term pressure due to the news of BYD surpassing its sales in BEVs, which could be perceived as a threat to Tesla's market dominance. This competitive development, coupled with concerns about market saturation and potential slowdowns in key markets, might lead to cautious investor sentiment in the short term.
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