Electric vehicles (EVs) are becoming more popular and affordable as the world transitions to a greener and cleaner future. EVs offer many benefits, such as lower emissions, lower maintenance costs, and higher performance. But which automakers are leading the EV market in 2023, and what are their strategies and challenges? In this article, we will look at some of the data and trends of the global and US EV markets, and highlight some of the top players and their products.
Global EV Market
According to TrendForce, a market research firm, over 2.15 million EVs were sold during the second quarter of 2023, representing nearly 40% growth year-over-year (YOY)1. The global EV market share reached 8.4% in Q2 2023, up from 6.8% in Q1 20232. The main drivers of this growth were the increasing demand from China and Europe, the expansion of EV product lines by various automakers, and the improvement of charging infrastructure and battery technology.
The top 10 EV makers in Q2 2023 were as follows1:
| Rank | EV Maker | Market Share |
|---|---|---|
| 1 | Tesla | 21.7% |
| 2 | BYD | 16.2% |
| 3 | GAC Aion | 6.0% |
| 4 | Volkswagen | 4.7% |
| 5 | SAIC-GM-Wuling | 4.4% |
| 6 | Hyundai | 3.6% |
| 7 | BMW | 3.6% |
| 8 | Mercedes-Benz | 2.8% |
| 9 | Kia | 2.0% |
| 10 | Audi | 1.9% |
Tesla remained the undisputed leader of the global EV market, with a record quarter of delivering 466,000 EVs in Q2 20231. The US-based company continued to dominate the premium segment with its Model S, Model 3, Model X, and Model Y vehicles, as well as the new Model C compact hatchback that was launched in Europe and China in June 2023. Tesla also maintained its edge in battery technology, software innovation, and customer loyalty.
BYD, the largest EV maker in China, was the second-largest EV maker in the world, with over 352,000 passenger EV sales in Q2 20231. The Chinese company benefited from its strong presence in both the domestic and international markets, as well as its diversified portfolio of EVs, including sedans, SUVs, buses, and trucks. BYD’s flagship models were the Song, Yuan Plus, and Qin, which accounted for over 50% of its quarterly EV sales2. BYD also leveraged its expertise in battery manufacturing and its Blade Battery technology that offers high safety and long range.
GAC Aion, a relatively new entrant to the EV market, surprised many by ranking third in Q2 2023 with a market share of 6%1. The sub-brand of China’s Guangzhou Automobile Corporation (GAC) was launched in 2018 and focused on producing affordable and high-quality EVs for the mass market. GAC Aion’s best-selling models were the Aion S sedan and the Aion V SUV, which featured advanced features such as autonomous driving, wireless charging, and biometric recognition.
Volkswagen was the fourth-largest EV maker in Q2 2023 with a market share of 4.7%1. The German automaker sold over 322,000 EVs in the first half of 2023, up 48% YOY3. Volkswagen’s strategy was to offer a wide range of EV models under its various brands, such as VW, Audi, Porsche, Skoda, and Seat. Some of its popular models were the ID.3 hatchback, the ID.4 SUV, the e-Golf hatchback, and the e-Tron SUV.
SAIC-GM-Wuling was the fifth-largest EV maker in Q2 2023 with a market share of 4.4%1. The joint venture between China’s SAIC Motor Corporation Limited (SAIC), US-based General Motors Company (GM), and China’s Liuzhou Wuling Motors Co Limited (Wuling Motors) was known for its low-cost and high-volume EVs that catered to the rural and urban markets in China. Its most successful model was the Hong Guang Mini EV, which was also the world’s best-selling electric car in Q1 20232. The Hong Guang Mini EV was priced at around $4,500 and had a range of around 120 km.
US EV Market
The US EV market also saw significant growth in 2023, as more consumers opted for electric vehicles over gas-powered ones. According to Electrek, a news website that covers electric transportation, the US EV sales reached over 1.2 million in 2023, up 75% from 20224. The US EV market share reached 7.5% in 2023, up from 4.3% in 20224. The main factors that boosted the US EV market were the Biden administration’s policies and incentives to support the EV industry, the launch of new and competitive EV models by various automakers, and the improvement of charging infrastructure and consumer awareness.
The top 10 best-selling EVs in the US in 2023 were as follows4:
| Rank | EV Model | Sales |
|---|---|---|
| 1 | Tesla Model 3 | 300,000 |
| 2 | Tesla Model Y | 250,000 |
| 3 | Ford Mustang Mach-E | 80,000 |
| 4 | Chevrolet Bolt | 60,000 |
| 5 | Hyundai Kona Electric | 40,000 |
| 6 | Tesla Model S | 35,000 |
| 7 | Tesla Model X | 30,000 |
| 8 | Volkswagen ID.4 | 25,000 |
| 9 | Kia Niro EV | 20,000 |
| 10 | Nissan Leaf | 15,000 |
Tesla remained on top by a far margin, accounting for 65% of total EV sales in the US in 20234. However, other automakers that were fast to react to the rapidly evolving market, such as Ford, Hyundai, and GM, were beginning to claim their shares.
Ford sold over 80,000 Mustang Mach-Es in 2023, making it the third best-selling EV in the US4. The Mustang Mach-E was Ford’s first all-electric SUV that combined the iconic design of the Mustang with the practicality and performance of an SUV. The Mustang Mach-E offered a range of up to 480 km and a fast charging capability of up to 150 kW.
Hyundai sold over 40,000 Kona Electrics in 2023, making it the fifth best-selling EV in the US4. The Kona Electric was Hyundai’s first all-electric subcompact SUV that offered a range of up to 415 km and a fast charging capability of up to 100 kW. The Kona Electric also featured a sleek design and a spacious interior.
GM sold over 60,000 Bolts in 2023, making it the fourth best-selling EV in the US4. The Bolt was GM’s first all-electric hatchback that offered a range of up to 417 km and a fast charging capability of up to 55 kW. The Bolt also received a major redesign in 2023, with a more modern and sporty look and a larger touchscreen.
Conclusion
The EV market is growing rapidly and becoming more competitive as more automakers join the race. Tesla remains the leader of the global and US EV markets, but faces increasing challenges from other players that are catching up with their products and strategies. The future of the EV market will depend on factors such as consumer preferences, government policies, technology innovation, and environmental awareness.
