Tesla ends up in a neck-and-neck race with BYD
Almost all new cars exported from China to Europe are now electric. Chinese brands are trying to conquer the market with an attractive price-quality ratio or using new technology. An example is NIO, which distinguishes itself with a system that makes it possible to change the battery pack within six minutes.
Research agency GlobalData predicts that global demand for electric vehicles will increase sharply again this year. It is expected that 11 million electric vehicles will be sold worldwide throughout 2023. This is 40 percent more than in 2022. Worldwide, one in eight new cars sold will be fully electric.
A sharp increase in EV sales is expected, especially in Europe. GlobalData aims to increase sales by 50 percent for the European market, in part because the consequences of a global shortage of computer chips have diminished. The research firm also expects electric vehicle sales to grow in the United States and China, although growth figures in China will be flat.
According to GlobalData Tesla It became the world’s largest manufacturer of electric vehicles this year. The research agency expects to sell 1.6 million Teslas in 2023. This puts Tesla in a neck-and-neck race with Chinese BYD, which is already the largest manufacturer of electrified cars in the world. For BYD, GlobalData aims to sell 1.58 million electric vehicles this year.
So far, European car brands have barely managed to beat Chinese and American competitors. Only Volkswagen will finish in the top five this year, GlobalData predicts. Volkswagen Group finished fourth behind Chinese engine SAIC.
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