Tesla, BYD, and Volkswagen, which are the three primary sellers of electric vehicle Manufacturers throughout the world, have just recently announced their sales data for the third quarter of the year 2022. Even while Tesla has maintained a significant lead since the beginning of the year, the Chinese manufacturing powerhouse BYD is getting perilously close to passing the American company.
In the second quarter of 2022, Tesla was the leader in the electric car industry, to the point of significantly outpacing its two primary competitors, the Chinese manufacturer BYD and the European group Volkswagen. Tesla was able to achieve this position by significantly outperforming its competitors. The sales data for the third quarter of 2023 indicate, however, that things may go in a different direction in the future.
Tesla has maintained its lead in the rankings :
Since Tesla has sold 343,000 electric cars in the past three months, the company continues to hold a significant advantage over its competitors. Since the beginning of the year, the Texas-based manufacturer has been successful in selling 907,000 electric vehicles across the globe. The one million threshold will therefore be significantly surpassed by the time the year comes to a close, particularly because of the Model Y, which is selling like hot cakes right now. It is important to keep in mind, in this regard, that Tesla plans to have the Model Y be the vehicle that sells the most units in 2023, regardless of the engine type.
Second place goes to BYD:
We found the Chinese manufacturer BYD in the number two spot. This week, at the Paris Motor Show in its 2022 edition, the company made its debut appearance in France with three electric cars that are destined for the French market, and we were able to discover them. BYD was successful in selling 258,618 electric cars during the third quarter of 2022, bringing the total number of units sold by the company since January 2022 to 582,129.
As a result, we are able to discover that BYD has sold about half as many electric cars as Tesla has over the course of the previous nine months. But the meteoric ascent of the Chinese organisation is the most worrisome factor for the American manufacturer, as the number of electric cars sold by BYD increased from approximately 50,000 per month between January and May to 80,000 this summer and 94,000 in September!
Therefore, it is not difficult to see BYD achieving sales of 300,000 by the fourth quarter of 2022. For its part, electric car manufacturer Tesla is putting in a lot of effort to meet its sales goal of 500,000 vehicles during the next quarter.
Volkswagen seeks China :
With 149,300 electric cars sold in the preceding quarter and 366,400 units sold since January 2022, the Volkswagen group is currently in third place on the podium. This is due to the fact that it has sold a total of 366,400 units since the beginning of 2022. Even in this regard, the increase is substantial, which is both encouraging and reassuring because it suggests that the German firm will be able to outperform its estimates for 2021, in which the company had sold 452,900 electric cars over the course of the year.
Notable fact: although Volkswagen sells 58% of its electricity production in Europe, China represents an interesting market for the firm, with 31% of deliveries, increasing more than 50% compared to the previous year. To put it another way, Volkswagen’s sales of electric cars in Europe are remaining relatively constant, whereas sales of electric cars in China are rapidly increasing. However, this is not a demand issue because the majority of the German group’s electric cars have a lengthy delivery period even when they are not sold out.
As a result, it would appear that Volkswagen wants to seize a portion of the Chinese market in order to prevent domestic manufacturers from having the market to themselves. And it’s not ridiculous, considering that China has a strong preference for electric vehicles, with a market share of more than 18% in the first half of 2022. This is in comparison to 11% in Europe over the same time period, and 12% in France.
All of this is leading manufacturers to give priority to the introduction of electric vehicles in other markets, as has been recognised by some brands. There are many instances in which the wait is longer than six months or even an entire year, which further discourages a purchase that, for the time being, is restricted to those individuals who have made many numbers or genuine enthusiasts who do not mind dealing with the inconveniences of electric cars.
Typically, a vicious circle is exacerbated as a result of the following: less electricity is sold as a result of its price and bad infrastructure, and as a result, manufacturers sell less and prioritise other markets. Because there are fewer electric cars on the road, there is less incentive to develop the infrastructure that supports them. This results in slower improvement, which in turn leads to lower sales.
General Motors, are Entering the electric car race?
Some evidence suggests that Volkswagen and the American conglomerate General Motors could be in a dead heat for the top spot (GM). It may not sell many electric cars in the United States (and will do so shortly in Europe), but things are different in China thanks to the joint venture between SAIC and GM and Wuling (SGMW).
Although the joint venture does not provide a large selection of electric vehicles, the Wuling Hong Guang MINIEV (which is also offered in a convertible body style) has been a smashing success in China, with 108,000 units having been sold in the most recent three months! Sufficient to position General Motors on equal footing with Volkswagen in the cumulative standings since January 2022, but only in the third quarter.
Top 3 electric car manufacturers Sales
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First quarter 2022 305 407 143 223 99 100
Second quarter of 2022: 254,695 units; 180 units; 296 units; 118,000 units
In the third quarter of 2022, there were 343,000 258,618 149,300.
Total 2022 903,000 582 129 366,400
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