TrendForce’s latest research finds that global sales of new energy vehicles (NEVs), which encompass battery-electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel-cell vehicles (FCVs), rose by 70% YoY to 2.87 million units for 3Q22. Of the quarterly total, BEV sales accounted for 2.147 million units and registered a YoY growth of 75%, whereas PHEV sales accounted for 714,000 units and registered a YoY growth of 57%.
Tesla placed at the first place in 3Q22 BEV market, BYD is the biggest threat
In the global ranking of BEV brands by vehicle sales for 3Q22, Tesla took first place with 344,000 units. While Tesla managed to maintain its market share at 16%, its lead over second-placed BYD in sales figure had narrowed further. BYD sold 259,000 BEVs in 3Q22, posting a massive YoY growth of 182%. It is also worth noting that the gap between Tesla and BYD in BEV sales has been smaller than 100,000 units for two quarters straight. SGMW and Volkswagen respectively stayed at third and fourth in the ranking, showing no change from the previous quarter. As for fifth to 10th, TrendForce especially points out that these places were all taken by Chinese brands. Looking at the global top 10 BEV brands for 3Q22, MG Motor (that has been acquired by SAIC Motor) and Geometry entered this group for the first time mainly thanks to the robust demand from China. Conversely, Hyundai, Kia, and XPeng Motors were pushed out of the top 10. XPeng stated that the deliveries of its new electric SUV G9 would ramp up this October. Whether XPeng will remain in the group of top 10 for 2022 depends on its performance in the fourth quarter.
Huawei’s big plan in the automotive market: the rise of Chinese brand “AITO”
Turning to the global ranking of PHEV brands by vehicle sales for 3Q22, BYD was at the top with 279,000 units and held a market share of 39.1%. As for other PHEV brands, they still were unable to raise their market shares above 10% even though they posted a QoQ increase in vehicle sales. Looking at the two German luxury car brands that are involved in the PHEV segment, Mercedes-Benz rose to second place in the ranking because of a QoQ gain for vehicle sales in both the home market and China. BMW saw falling sales for its PHEVs in Europe, so it posted a decline in units and slipped down in the the ranking. Chinese brand AITO entered the group of the global top 10 PHEV brands for the first time in 3Q22 and was immediately placed fifth. AITO is a brand under Seres and is in close cooperation with Huawei, and its vehicle models feature many technologies from Huawei as well. Going forward, the market performances of AITO’s vehicles will actually be an important indicator of Huawei’s progress in the development of an automotive business.
Moving into 4Q22, TrendForce believes that autumn releases of new vehicle models and year-end promotional activities will be the main drivers of car sales worldwide. Consumers have been waiting for new vehicle models or new generations of the existing vehicle models. This is one of the reasons why some carmakers saw declining vehicle sales in 3Q22. Therefore, these same carmakers could still get a boost in annual vehicle sales from their performances in the fourth quarter. As for the Chinese NEV market, it will stay fairly hot in 4Q22 as car brands operating there continue to provide incentives for vehicle purchases. Furthermore, Chinese consumers still want to take advantage of their government’s NEV subsidy program before its termination.