Plug-in electric vehicle market share by manufacturer 2023

BYD was ranked as the best-selling electric vehicle manufacturer worldwide after selling over three million units in 2023 after overtaking Tesla as the best-selling electric vehicle manufacturer in the previous year. BYD's sales volume translates into a market share of around 22 percent. Tesla and the Volkswagen Group were among the runners-up.

Plug-in electric vehicles explained

Plug-in electric vehicle registrations have been on the rise in 2023, with the Chinese electric vehicle market growing by 36 percent year-over-year. There are two types of plug-in electric vehicles: battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). Both contain a charging socket and a rechargeable battery that can power the vehicle on its own. However, a PHEV also includes a traditional internal combustion engine, which kicks in should the battery reach a low level. Therefore, a BEV is the only zero-emission vehicle. BEVs are a growing market, with global 2022 sales over triple 2020 sales.

What type of electric vehicles do producers build?

Manufacturers such as SAIC and Bayerische Motoren Werke (BMW) produce both, battery electric and plug-in hybrid electric vehicles, but Tesla exclusively builds all-electric vehicles. The American company launched its first battery-powered car in 2008, the Roadster. In 2023, Tesla's model line-up included Model S, Model 3, Model X, and Model Y vehicles, as well as the newly launched Cybertruck. The Model Y was the best-selling plug-in electric vehicle model worldwide, though most of the leading ten PEV models were from Chinese brands, reflecting the fast-paced EV market in Asia-Pacific.