Electric Vehicle Sales

Review Q1 2023
Foresight to drive the industry
May 2023
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Strategy& 2
0. Executive summary

End of subsidies in China slows

global BEV growth
Although BEV sales in all 19 analyzed markets increased by 24% in the first quarter of
2023, in comparison with the corresponding quarter last year, the growth fell some way
short of the stellar figures from recent years. This is mainly due to the sharp reduction
in BEV sales growth in China during this period. Given the overwhelming dominance of
the Chinese market, which accounted for 62% of BEV sales in all analyzed markets
combined, any slackening of growth in that country has an inevitable impact on global
figures.
Almost two in three BEV sales
BEV sales in China grew by 15% in Q1 2023 vs. Q1 2022, still an impressive
performance when one considers that total sales of all powertrains in that country
in all analyzed markets in the
actually went down by 7% over the same period. However, BEV sales growth first quarter of 2023 were
nevertheless fell some way below that recorded in previous quarters. Many Chinese
consumers had rushed to buy BEVs before the termination of the government subsidy recorded in China
at the end of 2022, and there was bound to be some slowdown of demand immediately
following this change.

In general, BEV sales growth was much higher in countries that have been followers,

62%
rather than leaders, in the plug-in revolution. This is perhaps to be expected, given
how much ground they have to catch up. For example, BEV sales grew in Turkey by
251% in Q1 2023 vs. Q1 2022, by 158% in Australia, and by 119% in India.

Of the high-volume markets, the United States recorded the highest BEV sales China BEV sales in Q1 2023 as a
increase (64%), continuing its rapid growth over the last couple of years. There were proportion of sales in all analyzed markets
almost one quarter of a million BEV sales in the US in the first quarter, overtaking full-
hybrid sales for the second time ever.

A major BEV growth area in the future will undoubtedly be the fleet market. However,
to maximize this opportunity, OEMs will need to produce more electric equivalents of
popular fleet models.

Strategy& 3
1. News and highlights

European OEMs focus on entry-level BEVs to capture mainstream market

OEMs move to cater for different consumer Chinese OEMs, which have proven expertise in making Guangdong province, recovering minerals from end-of-
small, affordable cars, are now eyeing the budget life batteries.7 Likewise, Mercedes-Benz has started the
Electric vehicle manufacturers in Europe have
segment in the European market. A tough competition construction of a new battery recycling factory in
generally focused much of their energies on the luxury,
for this territory between established European brands Kuppenheim, Southern Germany.8
sporty end of the market. However, recent models
and new Chinese entrants is on the horizon.4
indicate that this is starting to change, and that OEMs Green-conscious governments are keen to encourage
are now seeking to offer a range of more affordable, Circular solutions continue to be sought these developments. The battery recycling start-up
entry-level vehicles to attract the mainstream Redwood Materials has secured a conditional US$2
Batteries can account for up to half of the cost of a
consumer. billion loan from the US Department of Energy to help
BEV. If OEMs are able to bring the cost of batteries
build its US$3.5 billion battery recycling complex in
The VW ID.2 will be one of the lower priced models on down, then the vehicles will become more affordable
Nevada.9
the market when it arrives in 2025, priced at around and more likely to be purchased by the mainstream
€25,000. It is likely to undercut some of the current consumer. Constant growth recorded in battery innovation
assortment of cheaper BEVs, such as the Renault Zoe
Not only are BEV batteries expensive to manufacture, it Strategy& research reveals that BEV players are
and Fiat 500 Electric.1 VW is also aiming to launch
is often impossible to repair even slight damages after permanently focused on making battery production
another model at an even lower price, the ID.1, set to
accidents. Insurers are therefore forced to write off the more cost-efficient and sustainable. The research,
be the smallest among VW’s BEV range when it
vehicles, forcing premiums up dramatically and further based on the IP portfolios of the leading suppliers and
becomes available only around 2026.2
discouraging potential BEV buyers.5 OEMs are OEMs, shows that battery-related patent filings have
therefore looking to reduce costs through recycling, in increased constantly over the last twenty years, with a
this way also benefiting the environment by confronting CAGR of 20%. Approximately 60% were filed by
the limited availability of important raw materials. For suppliers and 40% by OEMs themselves. Asian players
example, BMW is committed to a policy of recycling are at the vanguard of this battery innovation with
raw materials from cars and other products in emerging players, such as CATL, with their European
collaboration with its partners.6 and US counterparts lagging behind.
Meanwhile, Renault is revamping its once best-selling 5
supermini in the form of a low-cost BEV, the new Others have announced plans to build new facilities of
their own. CATL is set to build a new battery recycling Battery-related
Renault 5. Although not yet confirmed, the price is patent filings
expected to be no more than €25,000.3 and materials processing center in China’s 2,671
116
2002 2020
Sources
Strategy& 1 Heycar, 16 March 2023; 2 Autocar, 15 March 2023; 3 Autoexpress, 30 March 2023; 4 CleanTechnica, 1 February 2023; 5 Reuters, 20 March 2023; 6 Refinitiv, 31 March 2023; 4
7 Just Auto, 30 January 2023; 8 Reuters, 3 March 2023; 9 Automotive News, 6 March 2023
1. News and highlights

Protectionist measures increase as countries look to secure EV future

Governments act to boost local BEV markets to introduce charging stations.4 The Canadian BP has revealed plans to invest US$1 billion by 2030 in
government has announced federal investments BEV charge points across the US.8 Nio intends to build
Aware that the BEV market will play a pivotal role in
totaling nearly $15 million (US$11.2 million) for the 1,000 battery-swapping stations in China in 2023 to
their future economies, and very vigilant in particular
installation of more than 2,350 EV chargers, 2,100 of bring the total number of such facilities to 2,300.9
about potential Chinese dominance, governments
which will be installed across the Greater Toronto
throughout the world are lending a helping hand to local Tesla says it will open up a proportion of its US BEV
Area.5 Meanwhile, China has doubled the number of
companies. charging network to rival brands. At least 7,500
the country’s charging points for BEVs to 5.2 million
chargers from its network will be available for all BEVs
According to reports, South Korea is revising its BEV during 2022. In total, there are now 3.4 million private
by the end of 2024, helping the government to expand
subsidy plan in a way that is said to favor locally charging points and 1.8 million public charging points in
the country’s charging infrastructure.10
manufactured cars over imported ones. The the country.6
government will provide subsidies based on levels of Prices of battery raw materials fall
From a company perspective, Fastned has won
vehicle performance, after-sales service infrastructure
Europe’s first tender for BEV-only service stations in The cost of cobalt and lithium, two key commodities for
and battery energy density. Foreign OEMs operate
relation to two locations on a highway near Ghent in manufacturing BEV batteries, has been falling recently.
fewer charging and other service centers in South
Belgium. As well as offering charging facilities, the site For example, the price of cobalt has more than halved
Korea.1
will also host additional services, such as restrooms since the spring of 2022 due to reduced demand from
The Indonesian government has drafted legislation to and cafes.7 the peak of the COVID-19 pandemic and a significant
cut sales tax from 11% to 1% on locally assembled increase in production (forecast to jump by 38% in
BEVs.2 In Turkey, the government has announced that Congo in 2023).11 Similarly, the cost of lithium has
it will impose an additional 40% customs duty on BEVs dropped by nearly 20% since January 2023.12 It is
made in China.3 hoped that these developments, and the development
of cheaper chemistries such as lithium ferrous
Investment pours into charging infrastructure
phosphate (LFP), will cut the cost of batteries and
National governments, local authorities and BEV therefore BEVs. CATL is reportedly offering to supply
companies continue to prioritize the development of some of its BEV company clients with batteries that
charging infrastructure. involve a guaranteed lithium carbonate price at just a
The US government will provide US$2.5 billion over five third of its high from November 2022.13
years to cities, counties and local governments

Sources
Strategy& 1 Korea Economic Times, 3 February 2023; 2 Just Auto, 21 March 2023; 3 Carscoops, 7 March 2023; 4 Carscoops, 16 March 2023; 5 Green Car Congress, 4 Feburary 2023; 6 Refinitiv, 13 February 2023; 7 Fastned, 15 March 2023; 5
8 Refinitiv, 22 February 2023; 9 Refinitiv, 21 February 2023; 10 USA Today, 15 February 2023; 11 The Economist, 16 February 2023; 12 Sustainability Times, 14 April 2023; 13 Yicai Global, 17 February 2023
2. Analyst insights

More full electric models needed to maximize German fleet opportunity

On average, commercial registrations are responsible for only be available to private customers, a development that Fleet BEV share in Germany – 2023 & 2024
over 60% of total passenger car sales but less than 50% may act to temporarily suppress demand. Secondly, as an
of the total 2022 BEV volume.1 In 2022, nearly 25% of alternative to company cars, an increasing number of Scenario 2023 2024
private registrations were for a BEV vs. 13.7% of companies are starting to offer mobility packages as an
commercial registrations. With a reduced government employee perk. These mobility packages, instead of a Base 16% 21%
subsidy in 2023, the situation has changed through company car, provide employees with a monthly
March, with 11.3% of private registrations and 11.5% of allowance to spend on all conceivable means of transport, Upside 21% 33%
commercial registrations. The recently reduced subsidy such as taxis, trains, e-scooters and bicycles. Downside 13% 16%
resulted in a temporary pull-ahead effect for customers.
Like Germany and many other European countries,
BEV Registrations in Germany1 Scenario assumptions
Belgium has a high share of company cars and goal to
BEV Registration Share in %

Commercial Share in %
25 70
20 65 reduce vehicle emissions. From 2026, only BEVs or other
15 zero-emission vehicles will receive tax advantages that all Base
10
60 company cars currently receive.2 This in turn also
55 provides a greater supply of used BEVs in coming years. • Overall BEV regulatory assumptions for Europe and
5
Even with these measures, 36% of Belgian fleets currently “Fit for 55” ICE ban in 2035
0 50
2018 2019 2020 2021 2022 2023 do not expect to be fully zero-emission but still further • Greater product availability
YTD along than previously planned. • Some remaining PHEV interest due to tax incentive
Private BEV Commercial BEV Commercial Share

Part of the reason for this apparent under-representation Sustainability policies of companies are other big drivers
towards more BEVs. This is why Telekom Upside Downside
of BEVs within company fleets is the rather limited
availability of models favored by company car consumers MobilitySolutions, the second largest corporate fleet in • Green fleet policies • Reduced government
and also long delivery times. Many of the most popular Germany as of January, only allows employees to select a • Larger government incentives
fleet choices, such as the Mercedes-Benz C-Class, do not BEV.3 Large fleets such as Telekom are expected to
provide a boost in commercial BEV registrations. incentives • Lack of product
currently have a BEV equivalent. Some OEMs are • Reduced BEV prices availability and long
inevitably missing out on sales as a result. If they fail to The outlook is pretty clear, the share of zero-emission • Shorter delivery times delivery times
plug this gap, they run the risk of leaving this profitable vehicles is expected to only continue to increase and the • Increased driver • Lacking charging
field open to others with the right product and shorter fleet market has much room to grow as we move towards
delivery times. Moreover, they face two further obstacles acceptance infrastructure
a future dominated by BEVs. Future changes to company
as they seek to meet consumer demand and grow BEV car tax and mobility budgets have the potential to make • PHEV conversion to • PHEV and diesel focus
fleet sales. Firstly, in September 2023, BEV subsidies will significant impacts. BEV
Sources
Strategy& 1 Federal Motor Transport Authority (KBA); 2 Fleet Europe, 11 May 2022; 3 Automobilwoche, 6 February 2023 6
2. Analyst insights

Tesla Model Y crowned in key markets

Top BEV models in Q1 2023

European Top 4 USA China

Model Sales Jan-Mar ’23 Model Sales Jan-Mar ’23 Model Sales Jan-Mar ’23

Tesla Model Y 29,796 Tesla Model Y 95,362 Tesla Model Y 94,647

Fiat 500 EV 10,924 Tesla Model 3 54,954 Wuling Hongguang Mini 69,842

Dacia Spring 10,782 Chevrolet Bolt EV/EUV 19,700 BYD Dolphin 67,951

4 Tesla Model 3 9,054 Volkswagen ID.4 9,758 BYD Yuan Plus 62,528

5 Peugeot 208 EV 8,947 Tesla Model X 6,465 Aion S 48,310

6 Volkswagen ID.4, ID.5 7,895 Rivian R1T 6,213 Tesla Model 3 42,782

7 Volkswagen ID.3 6,938 Hyundai Ioniq 5 5,736 BYD Qin EV 31,067

8 MG4 EV 6,162 Ford Mustang Mach-E 5,407 Aion Y 31,055

9 Renault Megane Electric 6,006 Tesla Model S 4,849 Changan Lumin 24,033

10 Audi Q4 e-tron 5,050 Ford F-150 Lightning 4,291 BYD Song Plus EV 21,107

Strategy& Source: PwC Autofacts Analysis, KBA, AAA Data, DGT, UNRAE, CPCA, Gasgoo, Cox Automotive 7
3. Electric vehicle sales data

New BEV launches drive market growth

Q1 2023 Q2 2023 Q3 2023 Q4 2023

Baojun Fiat
Yueye 600
NIO
EC7

Audi
Q6 e-tron

Volkswagen
Hongqi ID.7
BYD eHS5
Seagull

BMW
i5 Tesla
Polestar Cybertruck
Polestar 4
Lexus
RZ

Chevrolet
Silverado EV Toyota
bZ1X

Strategy& Source: S&P Global Mobility Start of Production Forecast (March 2023) 8
3. Electric vehicle sales data

EV sales continue
growth in 2023
Key Markets Electric Vehicles (EVs*)

March 22 vs. March 23 (in ’000 units) YTD March 22 vs. YTD March 23 (in ’000 units)

1.600 1,482 4.000

3,500
1.400 3.500
1.200 1,148 3.000 2,861
1.000 2.500
800 2.000
600 1.500
400 1.000
200 500
0 0
March 22 March 23 YTD March 22 YTD March 23

WE 5+5 China USA

Strategy& *EV = Battery Electric + Plug-in Hybrids + Hybrids 9

3. Electric vehicle sales data

US growth outpaces
other regions
Key Markets Battery Electric Vehicles (BEVs)

March 22 vs. March 23 (in ’000 units) YTD March 22 vs. YTD March 23 (in ’000 units)

800 760 2.000

1,762
700 1.800
589 1.600 1,438
600
1.400
500 1.200
400 1.000
300 800
600
200
400
100 200
0 0
March 22 March 23 YTD March 22 YTD March 23

WE 5+5 China USA

Strategy& 10
3. Electric vehicle sales data

China drives overall

plug-in growth
Key Markets Plug-in Hybrid Electric Vehicles (PHEVs)

March 22 vs. March 23 (in ’000 units) YTD March 22 vs. YTD March 23 (in ’000 units)

300 700
662
261
250 600
489
183 500
200
400
150
300
100
200
50 100

0 0
March 22 March 23 YTD March 22 YTD March 23

WE 5+5 China USA

Strategy& 11
4. Western Europe Top 5 and other European markets

Western Europe 5+5

European Top 5: France, Germany, Italy, Spain, and UK
BEV sales in the top 5 European markets grew by 26% in the first quarter of
2023 compared to the corresponding period in 2022.
WE 5+5 2023 Q1 Comparison to 2022 Q1
Significant growth in the French BEV market contributed greatly to this overall
increase, going up by 49% vs. Q1 2022. Growth in the other dominant markets
in the top 5, Germany and the UK, slowed to 13% and 19% respectively. The BEV 362,000 +26%
stalling of German growth can be attributed to a reduction in incentives at the
end of 2022. PHEV 177,000 -8%

As a result of this increase, the BEV market share in France in the first quarter
was exactly equal to the UK, at 15.4%. The BEV market share in Germany Hybrid 692,000 +30%
was close behind, at 14.2%.
Total 1,232,000* +22%
The BEV market shares in Spain and Italy lag behind the others, at 5.7% and
3.8% respectively. Perhaps because they have more ground to make up, the
BEV growth rates in Spain and Italy in the first quarter were substantial, up by *Numbers may not add up due to rounding
64% and 45% respectively from the first quarter of 2022.
Other European markets: +5
Meanwhile, PHEV sales in the top five markets declined by 9% vs. Q1 2022. BEV sales in Norway declined by 10% in Q1 2023 vs. Q1 2022 (total market
This overall reduction can be put down to a 45% fall in Germany, following a down 11%), but nevertheless still represented a market share of 84.5%, by far
total elimination of PHEV incentives at the end of 2022. the highest in the world. The largest BEV sales growth in the other European
markets was seen in the Netherlands and Austria, with increases of 104% and
57% respectively. PHEV sales declined in Norway and Sweden in comparison
with Q1 2022.

Strategy& 12
4. United States

United States
USA
The US BEV market grew by 64% in the first quarter of 2023 compared to the
equivalent quarter in 2022. BEV sales continue to be spurred by government
incentives, an ever-expanding range of new models and the continuing USA 2023 Q1 Comparison to 2022 Q1
development of the charging infrastructure. Now standing at 6.9%, the BEV
market share has increased more than threefold in less than two years, but
there is clearly still much more room for further growth. BEV 247,000 +64%

PHEV 52,000 +9%

For the second time and two quarters in a row, BEV sales outstripped hybrid
sales in Q1 2023. With the growth in PHEV sales also slowing dramatically
over the last couple of years, BEVs are set to become completely dominant Hybrid 220,000 +7%
within the EV market.
Total 519,000 +29%
In last year’s Inflation Reduction Act, the US government offered a $7,500
revised 2023 tax credit for qualifying BEVs. Half of the credit is reserved for
North American-assembled vehicles and batteries. The other half of the credit
relies on at least 40% (with the required share increasing yearly) of the value
of critical minerals in the battery being extracted or processed in the United
States or a country with a US free trade agreement, or recycled in North
America. Japan has now signed a trade agreement with the US on BEV
battery minerals, potentially enabling those mined or processed in Japan to
meet the requirements for the second half of the credit. A similar deal with the
EU is also being negotiated.1

Sources
Strategy& 1 Reuters, 28 March 2023 13
4. China and other countries in Asia

China and other Asian countries

China
China’s BEV sales increased by 15% in the first quarter of 2023 when
compared with the corresponding quarter last year. Given that total sales of all
powertrains actually went down by 7% over the same period, this level of China 2023 Q1 Comparison to 2022 Q1
growth can still be regarded as significant. Nevertheless, BEV growth was
substantially down on that recorded in recent years. This is due to the
termination of subsidies from the Chinese government at the end of 2022. BEV 1,152,000 +15%
It is still expected that the BEV market will continue to grow as a result of
major investment by OEMs, the rapid development of the charging PHEV 433,000 +74%
infrastructure, increasing consumer enthusiasm, and other government
incentives. With the BEV market share at 19%, there is still much scope for
advancement. Hybrid 164,000 -17%

Globally, PHEV sales would have decreased in the first quarter of 2023 when
compared to the same quarter last year, were it not for the significant growth in Total 1,750,000* +21%
China. This growth can be attributed to many new PHEV models.
Japan *Numbers may not add up due to rounding

Japan’s EV market is almost completely dominated by the sale of hybrids,

which boasted an overall market share of 53.6% in Q1 2023. BEV sales grew
by 48% from Q1 2022, albeit from a very low base. The BEV market share
stands at 1.6%.
South Korea
BEV sales in South Korea increased by 34% in Q1 2023 from the equivalent
period in 2022. The BEV market share for the quarter was 8.4%.

Strategy& 14
5. Rankings

Shares of EV registrations
EV registrations YTD March 2023
WE 5+5

Total registrations 2,560,473

EV registrations 1,231,632 6,9% 27,0% of which BEV 362,115

51,9%
of which PHEV 177,192
14,1%
of which Hybrid 692,325

USA

Total registrations 3,563,304 1,4%

EV registrations 518,833 6,2% of which BEV 247,470
85,4%
of which PHEV 51,656

6,9% of which Hybrid 219,707

China

Total registrations 6,076,000

7,1%
EV registrations 1,749,579 19,0% of which BEV 1,152,000
71,2%
of which PHEV 433,400
2,7%
of which Hybrid 164,179
ICE BEV PHEV Hybrid

Strategy& 15
6. Electric vehicle assembly forecast

Electrified vehicle assembly forecast by region

1 2
EV Assembly by Region Plug-in Hybrid Vehicle Assembly
2023F vs. 2028F (in million units) 2023F vs. 2028F (in million units)
70 64,4 8
60
50 6
6,0
40 4,0
30
28,8 4
20 2
10
0 0
2023F 2028F 2023F 2028F

3 BEV Vehicle Assembly 4 Full and Mild Hybrid Vehicle Assembly

2023F vs. 2028F (in million units) 2023F vs. 2028F (in million units)
30
42 34,9 25 23,5
36
20
30
24 15 13,5
18 11,3 10
12
6 5
0 0
2023F 2028F 2023F 2028F

Western + Central Europe China NAFTA Asia-Pacific (w/o China) RoW

Strategy& Source: Assembly Forecast by S&P Global Mobility, March 2023 Release 16
6. Electric vehicle assembly forecast

Electric vehicle assembly forecast

5
Global EV assembly by powertrain type
2019 ‒ 2028F (in million units, percent)
70 140%

120%
60

100%
50

80%
40

60%

30
40%

20
20%

10
0%

0 -20%
2019 2020 2021 2022 2023F 2024F 2025F 2026F 2027F 2028F

BEV PHEV Hybrid BEV Growth PHEV Growth Hybrid Growth

Strategy& Source: Assembly Forecast by S&P Global Mobility, March 2023 Release 17
7. Electric vehicle model launches

Overview: Brand Model Launch Quarter

BEV model
Aito Wenjie M9 2023 Q4

Audi Q6 e-tron 2023 Q4

Baojun Yueye 2023 Q2

launches BMW

BYD
i5

Seagull
2023

2023
Q3

Q2
2023 (not exhaustive) Deepal (Shenlan) S7 2023 Q2

Fiat 600 2023 Q3

Hongqi eHS5 2023 Q3

Kia EV9 2023 Q2

Polestar Polestar 4 2023 Q2

Tesla Cybertruck 2023 Q4

Toyota bZ1X 2023 Q4

Volkswagen ID.7 2023 Q4

Wuling Bingo 2023 Q3

Zeekr X 2023 Q3

Strategy& Source: S&P Global Mobility Start of Production Forecast (March 2023) 18
7. Electric vehicle model launches

Overview: Brand Model Launch

BEV model
BMW i1 2027

BMW iX5 2026

Cadillac Escalade IQ 2024

launches Chevrolet

Chrysler
Suburban EV

Airflow
2026

2025
2024‒2027 (not exhaustive) Dodge Charger Daytona 2024

Fisker PEAR 2024

Ford Maverick EV 2027

Foxtron Model C 2024

Honda e:N2 2024

Hyundai Ioniq 3 2026

Hyundai Ioniq 4 2024

Hyundai Ioniq 8 2025

Jeep Recon 2024

Kia EV3 2025

Strategy& Source: S&P Global Mobility Start of Production Forecast (March 2023) 19
7. Electric vehicle model launches

Overview: Brand Model Launch

BEV model
Kia EV4 2024

Land Rover Range Rover Evoque 2026

Lucid Gravity 2024

launches Mahindra

Maruti-Suzuki
BE.05

eVX
2025

2024
2024‒2027 (not exhaustive) Maserati Quattroporte 2025

Mercedes-Benz EQG 2024

Mini Aceman 2024

Nissan Maxima EV 2025

Renault 5 2024

Rolls-Royce Cullinan 2027

Toyota bZ5X 2026

Volkswagen ID.1 2025

Volkswagen ID.2 2026

Volkswagen ID.3 X 2026

Strategy& Source: S&P Global Mobility Start of Production Forecast (March 2023) 20
8. Electric vehicle sales data

Electric vehicle
YTD 2023 Market YTD 2022 YoY YTD 23 Q1 QoY Mar MoY Feb MoY Jan MoY
Share 23 Q1 23 Mar 23 23 Feb 23 23 Jan 23
BEV 94,736 14.2% 83,672 13.2% 94,736 13.2% 44,125 28.0% 32,475 14.7% 18,136 -13.2%
PHEV 37,545 5.6% 67,771 -44.6% 37,545 -44.6% 16,776 -38.5% 11,916 -44.8% 8,853 -53.2%

sales data Germany

Hybrid
Total EV
BEV
156,236
288,517
76,230
23.4%
43.3%
15.4%
121,541
272,984
64,165
28.5%
5.7%
18.8%
156,236
288,517
76,230
28.5%
5.7%
18.8%
67,253
128,154
46,626
38.9%
16.3%
18.6%
47,064
91,455
12,310
24.2%
4.2%
18.2%
41,919
68,908
17,294
19.0%
-8.1%
19.8%
PHEV 31,765 6.4% 29,761 6.7% 31,765 6.7% 17,933 11.8% 4,723 1.0% 9,109 0.7%

Germany, UK, France, Hybrid 156,051 31.6% 122,179 27.7% 156,051 27.7% 92,964 29.1% 21,749 35.7% 41,338 21.1%
UK Total EV 264,046 53.4% 216,105 22.2% 264,046 22.2% 157,523 23.7% 38,782 24.6% 67,741 17.6%
Italy, Spain, WE-5 BEV 64,859 15.4% 43,506 49.1% 64,859 49.1% 30,636 54.5% 19,597 45.7% 14,626 43.2%
PHEV 36,512 8.7% 29,310 24.6% 36,512 24.6% 15,717 34.4% 10,495 8.4% 10,300 29.8%
Hybrid 93,679 22.3% 73,080 28.2% 93,679 28.2% 38,520 38.3% 29,134 29.1% 26,025 14.8%
France Total EV 195,050 46.3% 145,896 33.7% 195,050 33.7% 84,873 42.9% 59,226 29.6% 50,951 24.8%
BEV 16,356 3.8% 11,289 44.9% 16,356 44.9% 8,163 82.0% 4,861 54.0% 3,332 -8.7%
PHEV 18,965 4.4% 16,670 13.8% 18,965 13.8% 7,278 23.1% 5,586 5.1% 6,101 12.0%
Hybrid 152,838 35.8% 115,574 32.2% 152,838 32.2% 57,960 47.8% 47,749 23.9% 47,129 24.5%
Italy Total EV 188,159 44.1% 143,533 31.1% 188,159 31.1% 73,401 48.0% 58,196 23.8% 56,562 20.5%
BEV 13,617 5.7% 8,308 63.9% 13,617 63.9% 5,575 64.3% 4,157 48.7% 3,885 83.4%
PHEV 14,953 6.3% 10,568 41.5% 14,953 41.5% 6,006 78.0% 4,833 21.6% 4,114 27.8%
Hybrid 73,143 30.8% 47,566 53.8% 73,143 53.8% 29,199 74.3% 22,899 31.1% 21,045 57.8%
Spain Total EV 101,713 42.8% 66,442 53.1% 101,713 53.1% 40,780 73.3% 31,889 31.5% 29,044 55.5%
BEV 265,798 11.8% 210,940 26.0% 265,798 26.0% 135,125 33.1% 73,400 26.3% 57,273 11.6%
Legend
PHEV 139,740 6.2% 154,080 -9.3% 139,740 -9.3% 63,710 -0.9% 37,553 -17.0% 38,477 -13.6%
MoY = Month-on-Year
Hybrid 631,947 28.1% 479,940 31.7% 631,947 31.7% 285,896 40.0% 168,595 27.3% 177,456 23.9%
QoY = Quarter-on-Year
YoY = Year-on-Year WE-5 Total EV 1,037,485 46.2% 844,960 22.8% 1,037,485 22.8% 484,731 31.0% 279,548 18.5% 273,206 14.3%
YTD = Year-to-Date

Source: PwC Autofacts Analysis, KBA, SMMT, PFA, ANFIA, ANFAC, SCB, OFV, RAI, auto-schweiz, Statistik Austria, CAAM, CPCA, JADA, ODMD, MoRTH, ABVE, FCAI,
Strategy& GAIKINDO 21
8. Electric vehicle sales data

Electric vehicle
YTD 2023 Market YTD 2022 YoY YTD 23 Q1 QoY Mar MoY Feb MoY Jan MoY
Share 23 Q1 23 Mar 23 23 Feb 23 23 Jan 23
BEV 23,189 35.5% 19,966 16.1% 23,189 16.1% 12,644 36.6% 6,212 13.1% 4,333 -17.0%
PHEV 12,871 19.7% 17,713 -27.3% 12,871 -27.3% 5,542 -18.8% 3,864 -29.9% 3,465 -35.6%

sales data Sweden

Hybrid
Total EV
BEV
7,388
43,448
24,231
11.3%
66.6%
84.5%
6,622
44,301
26,803
11.6%
-1.9%
-9.6%
7,388
43,448
24,231
11.6%
-1.9%
-9.6%
3,429
21,615
16,811
23.1%
14.6%
20.2%
2,170
12,246
6,183
6.1%
-6.1%
0.4%
1,789
9,587
1,237
-0.1%
-22.6%
-81.4%
PHEV 1,540 5.4% 2,338 -34.1% 1,540 -34.1% 837 -11.6% 521 -38.8% 182 -66.2%

Sweden, Norway, Netherlands, Hybrid 1,860 6.5% 1,182 57.4% 1,860 57.4% 1,191 170.7% 406 9.4% 263 -29.1%
Norway Total EV 27,631 96.4% 30,323 -8.9% 27,631 -8.9% 18,839 22.6% 7,110 -3.7% 1,682 -77.8%
Switzerland, Austria, WE 5+5 BEV 27,412 28.0% 13,449 103.8% 27,412 103.8% 14,164 133.7% 7,614 91.4% 5,634 65.2%
PHEV 13,444 13.7% 10,010 34.3% 13,444 34.3% 5,202 58.0% 4,224 57.7% 4,018 -0.5%
Hybrid 22,205 22.6% 21,448 3.5% 22,205 3.5% 7,864 22.1% 6,577 1.9% 7,764 -9.2%
Netherlands Total EV 63,061 64.3% 44,907 40.4% 63,061 40.4% 27,230 72.4% 18,415 40.5% 17,416 8.8%
BEV 10,250 17.4% 8,820 16.2% 10,250 16.2% 4,812 13.1% 2,598 6.4% 2,840 33.6%
PHEV 5,205 8.8% 4,998 4.1% 5,205 4.1% 2,131 8.9% 1,687 11.7% 1,387 -9.4%
Hybrid 16,243 27.6% 13,359 21.6% 16,243 21.6% 6,920 30.7% 4,656 12.1% 4,667 19.3%
Switzerland Total EV 31,698 53.9% 27,177 16.6% 31,698 16.6% 13,863 20.5% 8,941 10.3% 8,894 17.5%
BEV 11,235 17.8% 7,166 56.8% 11,235 56.8% 5,075 67.0% 3,415 61.5% 2,745 36.4%
PHEV 4,392 7.0% 3,206 37.0% 4,392 37.0% 1,898 61.5% 1,276 37.6% 1,218 10.3%
Hybrid 12,682 20.1% 9,702 30.7% 12,682 30.7% 5,260 37.9% 3,679 13.7% 3,743 41.1%
Austria Total EV 28,309 44.9% 20,074 41.0% 28,309 41.0% 12,233 52.4% 8,370 33.3% 7,706 33.6%
BEV 362,115 14.1% 287,144 26.1% 362,115 26.1% 188,631 36.6% 99,422 27.0% 74,062 4.7%
Legend
PHEV 177,192 6.9% 192,345 -7.9% 177,192 -7.9% 79,320 1.0% 49,125 -13.4% 48,747 -14.7%
MoY = Month-on-Year
Hybrid 692,325 27.0% 532,253 30.1% 692,325 30.1% 310,560 39.2% 186,083 25.1% 195,682 21.9%
QoY = Quarter-on-Year
YoY = Year-on-Year WE 5+5 Total EV 1,231,632 48.1% 1,011,742 21.7% 1,231,632 21.7% 578,511 31.6% 334,630 17.9% 318,491 10.5%
YTD = Year-to-Date

Source: PwC Autofacts Analysis, KBA, SMMT, PFA, ANFIA, ANFAC, SCB, OFV, RAI, auto-schweiz, Statistik Austria, CAAM, CPCA, JADA, ODMD, MoRTH, ABVE, FCAI,
Strategy& GAIKINDO 22
8. Electric vehicle sales data

Electric vehicle
YTD 2023 Market YTD 2022 YoY 23 Q1 QoY Mar MoY Feb MoY Jan MoY
Share YTD 23 Q1 23 Mar 23 23 Feb 23 23 Jan 23
BEV 17,396 6.5% 6,752 157.6% 17,396 157.6% 6,612 19.5% 5,932 888.7% 4,852 682.6%

sales data
PHEV 1,461 0.5% 1,047 39.5% 1,461 39.5% 569 33.3% 454 48.9% 438 39.0%
Hybrid 16,099 6.0% 20,581 -21.8% 16,099 -21.8% 5,247 -29.8% 5,716 -29.8% 5,136 3.5%
Australia Total EV 34,956 13.0% 28,380 23.2% 34,956 23.2% 12,428 -7.5% 12,102 33.8% 10,426 76.7%
BEV 1,980 0.5% 1,290 53.5% 1,980 53.5% 587 12.9% 638 58.7% 755 105.2%
PHEV 5,262 1.2% 1,615 225.8% 5,262 225.8% 2,172 418.4% 1,383 134.8% 1,707 181.2%

Australia, Brazil, China, India, Hybrid 7,544 1.7% 6,939 8.7% 7,544 8.7% 3,230 10.9% 2,273 -7.0% 2,041 28.9%
Brazil Total EV 14,786 3.4% 9,844 50.2% 14,786 50.2% 5,989 55.5% 4,294 25.0% 4,503 76.0%
Indonesia BEV 1,152,000 19.0% 1,000,000 15.2% 1,152,000 15.2% 490,000 24.1% 375,000 45.3% 287,000 -17.3%
PHEV 433,400 7.1% 248,600 74.3% 433,400 74.3% 162,600 85.0% 149,400 98.4% 121,400 42.2%
Hybrid 164,179 2.7% 197,513 -16.9% 164,179 -16.9% 57,003 -23.6% 53,714 -3.9% 53,462 -20.2%
China* Total EV 1,749,579 28.8% 1,446,113 21.0% 1,749,579 21.0% 709,603 27.3% 578,114 48.5% 461,862 -7.5%
BEV 17,127 1.3% 7,833 118.7% 17,127 118.7% 8,800 133.4% 4,842 95.7% 3,485 119.5%
PHEV 8 0.0% 7 14.3% 8 14.3% 8 14.3% 0 0.0% 0 0.0%
Hybrid 99,948 7.3% 28,229 254.1% 99,948 254.1% 37,671 366.3% 31,716 239.2% 30,561 183.0%
India** Total EV 117,083 8.6% 36,069 224.6% 117,083 224.6% 46,479 292.0% 36,558 209.2% 34,046 174.9%
BEV 1,800 0.9% 64 2712.5% 1,800 2712.5% 1,112 5752.6% 390 4233.3% 298 727.8%
PHEV 1 0.0% 10 -90.0% 1 -90.0% 0 -100.0% 1 -50.0% 0 0.0%
Hybrid 6,418 3.0% 646 893.5% 6,418 893.5% 2,167 957.1% 1,974 470.5% 2,277 2296.8%
Indonesia Total EV 8,219 3.9% 720 1041.5% 8,219 1041.5% 3,279 1313.4% 2,365 562.5% 2,575 1865.6%

Legend
MoY = Month-on-Year
QoY = Quarter-on-Year
YoY = Year-on-Year
YTD = Year-to-Date
Source: PwC Autofacts Analysis, KBA, SMMT, PFA, ANFIA, ANFAC, SCB, OFV, RAI, auto-schweiz, Statistik Austria, CAAM, CPCA, JADA, ODMD, MoRTH, ABVE, FCAI,
GAIKINDO
Strategy& *BEV and PHEV sales based on CAAM data; hybrid sales based on CPCA wholesale data; **Partially estimated 23
8. Electric vehicle sales data

Electric vehicle
YTD 2023 Market YTD 2022 YoY 23 Q1 QoY Mar MoY Feb MoY Jan MoY
Share YTD 23 Q1 23 Mar 23 23 Feb 23 23 Jan 23
BEV 12,158 1.6% 8,191 48.4% 12,158 48.4% 5,149 22.0% 3,594 57.6% 3,415 102.0%

sales data
PHEV 12,465 1.6% 10,336 20.6% 12,465 20.6% 5,570 57.2% 3,623 31.5% 3,272 -18.9%
Hybrid 412,546 53.6% 308,505 33.7% 412,546 33.7% 175,957 32.7% 128,523 52.5% 108,066 18.0%
Japan Total EV 437,169 56.8% 327,032 33.7% 437,169 33.7% 186,676 33.0% 135,740 52.0% 114,753 17.9%
BEV 35,866 8.4% 26,739 34.1% 35,866 34.1% 17,400 27.4% 17,824 72.3% 642 -76.6%
PHEV 1,953 0.5% 4,141 -52.8% 1,953 -52.8% 924 -52.3% 606 -51.8% 423 -55.4%

Japan, South Korea, Turkey, USA, Hybrid 79,295 18.5% 55,015 44.1% 79,295 44.1% 32,699 43.8% 25,306 35.3% 21,290 56.9%
South Korea Total EV 117,114 27.3% 85,895 36.3% 117,114 36.3% 51,023 33.1% 43,736 44.3% 22,355 29.6%
Analyzed Markets BEV 3,766 2.1% 1,073 251.0% 3,766 251.0% 1,844 189.0% 1,215 303.7% 707 427.6%
PHEV 321 0.2% 82 291.5% 321 291.5% 180 275.0% 88 450.0% 53 194.4%
Hybrid 18,553 10.6% 11,262 64.7% 18,553 64.7% 8,598 41.1% 5,673 60.7% 4,282 161.4%
Turkey Total EV 22,640 12.9% 12,417 82.3% 22,640 82.3% 10,622 56.7% 6,976 81.3% 5,042 181.7%
BEV 247,470 6.9% 150,560 64.4% 247,470 64.4% 81,346 45.2% 87,742 98.7% 78,382 55.6%
PHEV 51,656 1.4% 47,618 8.5% 51,656 8.5% 19,259 14.2% 17,499 13.6% 14,898 -2.9%
Hybrid 219,707 6.2% 205,246 7.0% 219,707 7.0% 93,318 19.6% 66,320 11.3% 60,069 -11.2%
USA* Total EV 518,833 14.6% 403,423 28.6% 518,833 28.6% 193,923 28.5% 171,561 44.0% 153,349 15.0%
BEV 1,851,678 11.7% 1,489,646 24.3% 1,851,678 24.3% 801,481 29.8% 596,599 50.3% 453,598 -4.6%
PHEV 683,719 4.3% 505,801 35.2% 683,719 35.2% 270,602 42.7% 222,179 45.8% 190,938 16.6%
Hybrid 1,716,614 10.8% 1,366,189 25.6% 1,716,614 25.6% 726,450 30.7% 507,298 29.7% 482,866 15.1%
Analyzed
Total EV 4,252,011 26.8% 3,361,635 26.5% 4,252,011 26.5% 1,798,533 32.0% 1,326,076 41.0% 1,127,402 6.5%
Markets

Legend
MoY = Month-on-Year
QoY = Quarter-on-Year
YoY = Year-on-Year
YTD = Year-to-Date
Source: PwC Autofacts Analysis, KBA, SMMT, PFA, ANFIA, ANFAC, SCB, OFV, RAI, auto-schweiz, Statistik Austria, CAAM, CPCA, JADA, ODMD, MoRTH, ABVE, FCAI,
GAIKINDO
Strategy& *Partially estimated 24
9. Contacts

Authors and PR contact

Felix Kuhnert Steven van Arsdale
Partner, Automotive Industry Leader, Manager, PwC Autofacts®,
PwC Germany PwC Germany
Phone: +49 711 25034 3309 Phone: +49 69 9585 2914
[email protected] [email protected]

Jörn Neuhausen Annabelle Kliesing

Director, Senior Manager Communications and
Strategy& Germany Thought Leadership,
Phone: +49 211 3890 345 Strategy& Germany
joern.neuhausen Phone: +49 89 54525 613
@strategyand.de.pwc.com [email protected]

Strategy& 25
9. Contacts

Automotive contacts
Harald Wimmer Jörg Krings Marcus Hoffmann
Global Automotive Leader Automotive Leader Strategy& Automotive Practice Co-Lead
PwC Germany Strategy& Germany Strategy& Germany
Phone: +49 221 2084240 Phone: +49 89 54525574 Phone: +49 89 54525690
[email protected] [email protected] [email protected]

Jun Jin Eiichi Yamanaka Dong-Kyu Cho

Automotive Leader China Automotive Leader Japan Automotive Leader South Korea
PwC China PwC Japan PwC South Korea
Phone: +86 10 6533 2977 Phone: +81 90 6513 6238 Phone: +82 2 709 0971
[email protected] [email protected] [email protected]

Akshay Singh Brian Decker Cara Haffey

Automotive Advisory Partner Automotive Leader USA Automotive Leader UK
Strategy& USA PwC USA PwC UK
Phone: +1 440 382 8477 Phone: +1 313 510 7534 Phone: +44 7809 551517
[email protected] [email protected] [email protected]

Jose Baghdad Manuel Diaz Delgado Francesco Papi

Automotive Leader France & Automotive Leader Spain Automotive Leader Italy
Maghreb PwC Spain Strategy& Italy
PwC France & Maghreb Phone: +34 915 685 019 Phone: +39 6 6920 7348
Phone: +33 1 56578403 [email protected] [email protected]
[email protected]

Strategy& 26
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