East Of Seattle
No Result
View All Result
  • Login
  • Entertainment
  • Headlines
  • News
  • Movies
  • Lifestyle
  • Blogging
  • Business
  • Health
  • Jobs
  • Politics
  • Entertainment
  • Headlines
  • News
  • Movies
  • Lifestyle
  • Blogging
  • Business
  • Health
  • Jobs
  • Politics
No Result
View All Result
East Of Seattle
No Result
View All Result
Home News

Organization: 2022 Q2 global electric vehicle sales increase by 61% year-on-year, BYD leads the entire market

Ajeet Nandwal by Ajeet Nandwal
September 13, 2022
Reading Time: 4 mins read
0
Organization: 2022 Q2 global electric vehicle sales increase by 61% year-on-year, BYD leads the entire market

[ad_1]

Table of Contents

  • RELATED POSTS
  • Biden sends greetings to Buddhists across the world on Vesak
  • IWL: Mata Rukmani FC to face Gokulam Kerala FC on Sunday
  • US Special Coordinator for Tibetan Issues Uzra Zeya to visit India, Nepal from May 17-22

RELATED POSTS

Biden sends greetings to Buddhists across the world on Vesak

IWL: Mata Rukmani FC to face Gokulam Kerala FC on Sunday

US Special Coordinator for Tibetan Issues Uzra Zeya to visit India, Nepal from May 17-22

According to the latest research data from Counterpoint’s Global Electric Vehicle Sales Tracker, global electric vehicle (EV) sales in Q2 2022 will increase by 61% year-on-year to 2.18 million units. Of the total EV sales, pure electric vehicles (BEVs) accounted for about 72%, with plug-in hybrid electric vehicles (PHEVs) making up the rest. China remains the market leader in electric vehicle sales, followed by Europe and the United States. China’s electric vehicle sales in Q2 2022 increased by nearly 92% year-on-year to 1.24 million units, compared with only 640,000 units in Q2 2021.

Commenting on the market dynamics, senior analyst Soumen Mandal said: “As the global semiconductor inventory shortage is alleviated, automakers are able to gradually meet the growing demand for electric vehicles from the public. Moreover, if China does not suffer from a new Sales of electric vehicles will be higher due to the impact of the new crown epidemic. During April, strict urban control measures in China’s major provinces and surrounding areas hindered the increase in production, resulting in China’s auto market recording a record high since the new crown outbreak in March 2020. Largest drop on record. Conditions did not improve until the lifting of city controls in late May. A pick-up is expected in the second half of 2022, but economic recession, energy crisis, supply chain disruptions and rising geopolitical tensions It could hinder the growth of China’s auto market, especially electric vehicles.”

Market Performance Summary

  • BYD Auto: BYD became the best-selling electric car brand for the first time, overthrowing Tesla’s dominance. In 2022, Q2 BYD auto shipments exceeded 354,000 units, a year-on-year increase of 266%. BYD officially stopped production and sales of internal combustion engine vehicles in March 2022, and instead focused on developing BEVs and PHEVs. Over 60% of BYD’s vehicle sales in the quarter came from its top three models, BYD Song, BYD Han and BYD Qin. The company is slowly penetrating the European market, and has already started business in Norway, and plans to develop related industries in Germany, Sweden and the Netherlands.
  • Tesla: Tesla’s global sales in Q2 2022 exceeded 254,000 units, a year-on-year increase of 27%, lower than expected. While Tesla’s business in the U.S. has increased, its business in China has been affected by city restrictions. In Q2 2022, Tesla sold only 98,000 vehicles in China. Cumulative sales in China during April and May fell 49% year-on-year, the lowest level for Tesla since the 2020 coronavirus outbreak. But its June sales rose nearly 115% from a year earlier. Tesla remains the global leader in BEVs despite the Covid-19 pandemic clouding its Q2 sales performance.
  • Wuling: The Wuling Hongguang Mini EV is the best-selling electric vehicle model in China, and the joint venture between SAIC, GM and Wuling is undoubtedly a success. The model has been the undisputed market leader since its release in the second half of 2020. In Q2 2022, Wuling will grow by 16% year-on-year, ranking third in the global electric vehicle market.
  • BMW: BMW’s EV sales in Q2 2022 increased by 18% year-on-year. The company has a more prominent presence in the plug-in hybrid vehicle (PHEV) segment. However, BMW’s BEV sales have a higher quarterly growth rate (18%) in Q2 2022 compared to PHEV sales (2%). BMW’s goal of having 2 million BEVs on the road by the end of 2025 has driven BMW to make strides in the field of electric vehicles. BMW’s X3 and i-series models are leading the company’s development in the BEV segment, while the 5 Series, 3 Series and X5 models are doing the same in the PHEV segment.
  • Volkswagen: In Q2 2022, Volkswagen’s electric vehicle sales fell by 9% year-on-year. Its shipments in Europe and the U.S. fell 44% and 74% year over year, respectively. The decline in sales in these two markets was a combination of the Russian-Ukrainian war, supply problems with semiconductors and other auto parts, and rising inflation. However, in Q2 2022, sales in the Chinese market increased by 115% year-on-year. In addition to the supply chain crisis, the company’s internal problems and failure to develop new proprietary software for its vehicles have also affected the company’s EV shipment goals.

Discussing the reasons for the increase in EV sales, Vice President Neil Shah said: “Incentives play a vital role in increasing EV adoption. For example, China’s strong incentive programs for automakers and consumers Helping China become a global leader in electric vehicles. Even if China decides to end the relevant subsidy policy for consumers in 2021, the subsidy policy is still extended to 2023. In addition, China’s dual credit policy for automakers has achieved great results Success, the government is planning to phase out subsidies on the consumer side as the EV market matures. In contrast, lower subsidies in European countries have led to slow growth in EV sales. In Q2 2022, China’s EV market grew year-on-year More than 90%, while the European EV market grew by only 16% year-on-year. Growing EV sales in European countries have led to the removal of many car purchase subsidies for consumers, and the focus has shifted to establishing a sound charging infrastructure, including encouraging consumers Install charging stations.”

Further commenting on EV subsidies, Shah said: “Recently, the US introduced a new EV policy that includes attractive incentives for automakers and consumers. Electric vehicles can be discounted up to $12,000 (approximately RMB 82,600). Therefore, we expect electric vehicle sales in the United States to increase. In addition to these large markets, India, Japan, Thailand, South Korea and Malaysia are smaller The market has started to offer various incentives for EV buyers and automakers, whether directly as a rebate on the price or exemption from taxes.”

In Q2 2022, the top 10 EV models will account for more than 30% of global EV sales. Tesla’s Model Y remains the best-selling electric car model. Wuling Hongguang’s Mini EV rose to second place, pushing Tesla’s Model 3 to third place. In June 2022, the status of Wuling Hongguang Mini EV’s long-standing best-selling model in China was broken by Model Y. Six of the top 10 best-selling electric vehicle models in the quarter were from Chinese auto brands, and most were only available for sale in China.

Commenting on the market outlook, Vice President Peter Richardson said: “The automotive industry is unlikely to fully recover from the woes of semiconductor shortages until 2023. Considering the COVID-19 pandemic, shutdowns due to the power crisis, parts shortages and rising consumer prices, we Global passenger electric vehicle sales are not expected to exceed 10 million in 2022.”

[ad_2]
This is Auto Posted article collected article from different sources of internet, EOS doesn’t take any responsibilities of this article. If you found something wrong in this article, please tell us.

Share30Tweet19
Ajeet Nandwal

Ajeet Nandwal

Related Posts

News

Biden sends greetings to Buddhists across the world on Vesak

September 14, 2022
News

IWL: Mata Rukmani FC to face Gokulam Kerala FC on Sunday

September 14, 2022
News

US Special Coordinator for Tibetan Issues Uzra Zeya to visit India, Nepal from May 17-22

September 14, 2022
News

Odisha Sports to face PIFA Sports in next IWL match

September 14, 2022
News

President Kovind meets Jamaican Leader of Opposition Mark Golding

September 14, 2022
News

Zeya’s Dharamsala visit crucial, dire need to preserve Tibetan culture before China wipes it out: ICT

September 14, 2022
Next Post
Possible change of power in Östersund municipality: the Social Democrats the big winner

Possible change of power in Östersund municipality: the Social Democrats the big winner

Motorist tries to overtake on the highway to Zacatecas and ends up impacted by the trailer

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Death of Mikhail Gorbachev: a special evening on Arte this Wednesday

August 31, 2022

The Matrix Movie Download Telegram Link [480p, 720p, 1080p, And HD]

March 7, 2022
Biden, Xi call ends after nearly 2.5 hours

Biden, Xi call ends after nearly 2.5 hours

August 22, 2022

Popular Stories

  • Over 80 Protesters Killed In Myanmar On Day Of Shame For Armed Forces

    Over 80 Protesters Killed In Myanmar On Day Of Shame For Armed Forces

    1134 shares
    Share 454 Tweet 284
  • The Family Man 2 Series Review

    1109 shares
    Share 444 Tweet 277
  • Introduce Your Parents to Web Series Through These Shows

    1011 shares
    Share 404 Tweet 253
  • If you love anime, you have to watch these 10 Animes!

    861 shares
    Share 344 Tweet 215
  • Top High Salary Paying Jobs in USA

    244 shares
    Share 98 Tweet 61
  • Privacy Policy
  • Fact Checking Policy
  • Ethics Policy
  • Corrections Policy
  • Ownership & Funding
  • Editorial Board

© 2022 East of Seattle - Your Information. Our Responsibility.

No Result
View All Result
  • Entertainment
  • Headlines
  • News
  • Movies
  • Lifestyle
  • Blogging
  • Business
  • Health
  • Jobs
  • Politics

© 2022 East of Seattle - Your Information. Our Responsibility.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In