In the first nine months of 2022, there were over 6.8 million plug-in vehicle registrations, based on EV-Volumes data published by Jose Pontes. In retrospect, there were more than 4.2 million registrations in the same period last year. Therefore, the growth rate was more than 60% higher year-over-year, as per InsideEVs.
Prior to analyzing the battery-electric market, we will look at the volume and market share of the leading OEMs in the entire plug-in market.
Plug-ins (BEV+PHEVs)
The top five automakers in the plug-in category, which includes plug-in hybrid (PHEV) and all-electric vehicles (BEV), are the same as they were in the first six months of 2022.
BYD is still in the lead with 1.18 million sold units and a 17.3% share. The market share and volume of the Chinese automaker have increased 257% YoY. Let’s recall that BYD was only fourth with a 7.7% share a year ago.
On the other hand, American automaker Tesla is still in second place with a 13.3% market share. However, the previous quarter saw a slight decline in its share. It is also worth noting that Tesla was in the top spot in the same period last year.
The SAIC (including SAIC-GM-Wuling), with a 7.6% share, recently fell behind the Volkswagen Group with an 8.0% share. It implies that a competitive race for third place will take place in Q4. The top five were filled by Geely-Volvo (5.7% share), Hyundai Motor Group (5.0%), and Stellantis (4.8%).
Plug-in car registrations in Q1-Q3 2022 (vs. previous year), as per the report:
- BYD: 1,175,668 and 17.3% share (vs. 7.7%)
- Tesla: 909,042 and 13.3% share (vs. 14.7%)
- Volkswagen Group: 545,542 and 8.0% share (vs. 12.3%)
- SAIC (incl. SAIC-GM-Wuling): 520,887 and 7.6% share (vs. 10.9%)
- Geely-Volvo: 389,996 and 5.7% share
Top 5 Total: 3,541,135 (50.0% share)
others: 3,274,147 (48.0% share)
Total: 6,815,282
Battery-electric only (BEV)
The top five manufacturers in all-electric vehicle registrations are also maintained, and no manufacturer’s position changed due to the wide disparities between them.
Tesla dominates the BEV market with an 18.5% market share of more than 909,000 vehicles sold. However, its market share slightly declined in Q3 by 0.5%. Notably, the American automaker’s market share last year was 21.5%. That said, it failed to meet the BEV expansion rate as a whole (up 69% YoY).
On the other hand, the Chinese automaker BYD is in the second spot with an 11.9% market share. In retrospect, it was only at the fourth spot last year with just a 6.4% share.
Volkswagen Group (7.4% share) trails behind SAIC with a 9.8% share. It was followed by Hyundai Motor Group at the fifth spot (5.0% share) and Geely-Volvo (4.8%).
All-electric car registrations in Q1-Q3 2022 (vs. previous year):
- Tesla: 909,042 and 18.5% share (vs. 21.5%)
- BYD: 584,225 and 11.9% share (vs. 6.4%)
- SAIC (incl. SAIC-GM-Wuling): 482,717 and 9.8% share (vs. 14.1%)
- Volkswagen Group: 366,113 and 7.4% share (vs. 10.1%)
- Hyundai Motor Group: 247,248 and 5.0% share (vs. 4.8%)
Top 5 Total: 2,589,345 (53% share)
others: about 2.3 million (47% share)
Total: about 4.9 million
