As automakers compete for a place in the auto industry’s future, this year has been the greatest for electric vehicles on record. Which automakers are currently succeeding, then?
The big three in the BEV industry
InsideEVs reported that the leading automakers in battery-electric vehicles (BEVs) are Tesla, BYD, and the Volkswagen Group (including Volkswagen, Audi, Porsche, Skoda, and SEAT brands).
Tesla is still the market leader this year and has been for years. The American automaker increased its BEV sales record in the third quarter by 42% year over year to 343,830 units.
Meanwhile, BYD successfully surpassed the Volkswagen Group and is now striving to dethrone Tesla. That said, Tesla must pick up speed if it wants to be at the first spot, especially since the gap between Tesla and BYD has shrunk to just 85,220 vehicles (down 43% from last year).
Sales for the Chinese company increased by 182% in the third quarter to 258,610. The growth rate of BYD suggests that it can rapidly surpass 300,000 units (maybe even 350,000). It is within Tesla’s range, which puts its dominance at risk.
On the other hand, Volkswagen Group has sold 149,300 units (up 22%), with around 1,000 commercial vehicles.
BEV sales results in Q3 2022:
· Tesla: 343,830 (up 42% year-over-year)
· BYD: 258,610 (up 182% year-over-year) or 75% of Tesla’s result
Difference to 1st: 85,220 (down 43% year-over-year from 149,707)
· Volkswagen Group: 149,300 (up 22.3% year-over-year) or 43% of Tesla’s result
*including a very small number of commercial BEVs
Difference to 1st: 194,530 (up 63% year-over-year from 119,291)
Since no other automakers will likely be able to sell more than 1 million electric vehicles in 2022, it appears that Tesla will once again dominate this market this year.
BEV sales results YTD
· Tesla: 908,573 (up 45% year-over-year)
· BYD: 582,130 (up 214% year-over-year) or 64% of Tesla’s result
Difference to 1st: 326,443
· Volkswagen Group: 366,400 (up 25.0% year-over-year) or 40% of Tesla’s result
*including a very small number of commercial BEVs
Difference to 1st: 542,173
Given the potential for rapid expansion of all three automakers, it is uncertain how the electrification race will progress. Hopefully, other automakers will be able to participate in the competition and establish themselves in the growing market of electric vehicles.
