The world saw sales of 4.2 million electric vehicles in the first half of this year, a 63 percent growth from the same period last year, a new report has shown. China alone witnessed the sale of 2.4 million EVs, 26 percent of all passenger cars delivered in the country against just 10 percent in the first half of 2021, according to the latest Canalys research.
EVs include battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). “EV sales in Mainland China more than doubled in H1 2022 and it is now by far the biggest EV market. Fifty-seven percent of global EV sales were in Mainland China. With 118 percent year-on-year growth, it is the fastest-growing market as well,” said Jason Low, principal analyst at Canalys.
“With this momentum and strong consumer demand, EV sales should top 5 million by the end of 2022 in the country,” Low added. Demand for EVs has continued to grow in 2022 with several new EV models already launched this year.
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Rising fuel prices have further boosted demand and the government incentives help buyers. But supply is still terribly constrained and wait times of many months for delivery are common, said the report. While 1.1 million EVs were delivered to customers in Europe, 414,000 EVs were delivered to US customers in H1 2022.
Tesla was the third biggest automaker in Mainland China in the first half of this year. It delivered almost 200,000 vehicles to customers during this period. Over 413,000 EVs were sold in the US in H1 2022, including over 64,000 electric pick-up trucks. “Despite the improved range of vehicle types and EVs from more brands, Tesla still accounted for almost 60 percent of sales in the US in H1 2022,” said Chris Jones, VP, and chief analyst.
Tesla is the leader in the BEV segment, with a strong performance from its Model Y and Model 3 accounting for 565,000 vehicles sold during H1 2022, giving it a market share of 14 percent.