Global EV market reaches 11 million units in 2022, China’s BYD leads
The global electric vehicle (EV) market reached 11 million units last year with a penetration rate of 14 per cent, as more countries double down on electrification, connection, autonomous driving and sharing in the automobile industry.
The top three players worldwide — China’s BYD, Tesla and SAIC-GM Wuling — occupied 36.11 per cent of the market in 2022, according to the IDC.
Driven by improved supply, high oil prices, government subsidies and price-guaranteed promotions by car companies, China’s EV market reached almost 7 million units, with a penetration rate of 31.3 per cent.
