TrendForce: Sales of new energy vehicles in Q3 increased by 70% year-on-year

Today, TrendForce released a report saying that the total sales of new energy vehicles (including pure electric vehicles, plug-in hybrid electric vehicles, and hydrogen fuel cell vehicles) in the third quarter of 2022 will be 287. million vehicles, a year-on-year increase of 70% .

Among them, the sales of pure electric vehicles (BEV) were 2.147 million, a year-on-year increase of 75%; the sales of plug-in hybrid electric vehicles (PHEV) were 714,000, a year-on-year increase of 57%

P.ure electric vehicles: The number one Tesla sold 344,000 units, and its market share remained at 16%. However, the distance between sales and the second-placed BYD narrowed again. BYD sold 259,000 pure electric vehicles in the third quarter. Compared with the same period last year, it has increased by 182%, and the sales gap with Tesla has been less than 100,000 vehicles for two consecutive quarters.

SAIC-GM-Wuling and Volkswagen ranked third and fourth respectively. It is worth mentioning that the fifth to tenth places are all dominated by Chinese brands, and Geometry and MG (acquired by SAIC Motor) entered the top ten for the first time.

Plug-in hybrid electric vehicles: BYD ranked first with 279,000 units, accounting for 39.1% of the market. Even though sales of other brands increased, the market share of other brands still failed to break through 10%. At the same time, the Chinese brand AITO, which has a deep cooperation with Huawei, entered the top ten for the first time and ranked fifth.

TrendForce said that the main driving force in the fourth quarter includes the launch of new cars in autumn and year-end promotions. Among the automakers whose sales fell in the third quarter, part of the reason came from new cars or remodeling plans in the fourth quarter. Consumers are in a waiting period, and for the whole year, there is still a chance to boost sales in the fourth quarter. The wave of car purchases before the end of China's new energy vehicle subsidies and the car purchase discounts launched by various automakers have kept the Chinese market hot.

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