The global passenger battery electric vehicle (BEV) unit sales increased by 29 percent (year-on-year) in the third quarter this year, a report showed on Monday, adding that annual BEV sales are expected to reach almost 10 million in 2023.

Although China maintained its position as the top global market for BEVs, the country’s sales struggled to recover their momentum due to a weakening economic outlook and intense price competition. During Q3, China’s BEV sales grew only 11 percent, below the global average, according to Counterpoint’s ‘Global Passenger Electric Vehicle Model Sales Tracker’.

Nevertheless, Chinese brands successfully sold over 0.13 million BEVs abroad, marking a fourfold increase compared to Q3 2022.

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Tesla, BYD Auto, and Volkswagen AG were the top-selling BEV groups. BYD Auto (excluding Denza) has caught up with Tesla and is expected to surpass it in Q4 to lead globally.

“China still holds 58 percent of the global BEV market, with the US taking around 12 percent. Germany, the third-biggest BEV market, also grew more than 60 percent annually. BEV adoption is also rising in emerging economies like India and Southeast Asia due to the availability of affordable options,” said senior analyst Soumen Mandal.

Despite falling below automakers’ expectations, BEV sales in the US are projected to surpass 50 percent YoY growth.

“The decreasing cost of lithium-ion batteries together with the development of low-cost alternative battery chemistries will help the affordability of BEVs. Both Europe and the US are expected to maintain substantial investments in securing access to essential minerals for BEVs, thereby reducing dependence on China,” said Research Director Jeff Fieldhack.

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