Electric car sales grow 29%, this Chinese company could overtake Tesla
The most popular model in the world at the time was the Telsa Model Y, which was followed by the BYD Yuan Plus, the Tesla Model 3, the BYD Dolphin, and the BYD Seagull in fifth place.
According to Counterpoint, the third quarter of 2023 saw a 29% growth in global sales of electric cars, led mostly by Europe and Southeast Asia.
According to the consultant, a weakening economic outlook and fierce pricing competition made it difficult for these cars to regain speed, even if China remained the world’s largest market.
Furthermore, sales in the massive Asian country increased by just 11% between July and September of last year—below the worldwide average. Nevertheless, Chinese brands were able to successfully market over 0.13 million units overseas, a four-fold increase over the third quarter of 2022.
The consulting business claims that in these three months, Elon Musk’s company’s sales increased only by 27%; in fact, it is predicted to exceed it in the fourth quarter to lead globally. Meanwhile, the Chinese automaker BYD attained the same share as Tesla, 17%, indicating a growth of 68% year over year.
The Tesla Model Y was the best-selling model in the world, followed by the BYD Yuan Plus, the Tesla Model 3, the BYD Dolphin and in fifth place the BYD Seagull.
Jeff Fieldhack, said he expects annual sales of electric cars to increase to nearly 10 million by 2023, where lower battery costs will contribute to affordability.
