2023年第二季度電動(dòng)汽車銷售回顧-思略特

ElectricVehicleSales

ReviewQ22023

Foresighttodrivetheindustry

August2023

2

Strategy&

ThispublicationhasbeendevelopedincollaborationbetweenStrategy&,

PwC’sglobalstrategyconsultingbusiness,alongsidePwCAutofacts’

Automotiveindustryandfunctionexperts.Together,wetransform

organizationsbydevelopingactionablestrategiesthatdeliverresults.

AtPwC,ourpurposeistobuildtrustinsocietyandsolveimportant

problems.We’reanetworkoffirmsin152countrieswithalmost328,000

peoplewhoarecommittedtodeliveringqualityinassurance,advisory

andtaxservices.Findoutmoreandtelluswhatmatterstoyouby

visitingusat.

PwCreferstothePwCnetworkand/oroneormoreofitsmemberfirms,

eachofwhichisaseparatelegalentity.

Pleasesee/structureforfurtherdetails.

Executivesummary

BEVsalesincreasedwarfsoverallmarket

Inalmostallmajormarkets,BEVsalesgrewfarmorethanthetotallightvehicle

market.InthetenWesternEuropeanfocusmarkets,BEVsalesincreasedby49%in

thesecondquarterof2023incomparisonwiththeequivalentperiodlastyear,

whereasthetotalmarketgrewby17%.IntheUnitedStates,thecorresponding

percentageswere67%and19%,andinChina49%and29%.

TheBEVmarketincreasedbymorethanhalfitssizeacrossallanalyzedmarketsinoneyear

Infact,theonlymajormarketanalyzedinwhichBEVandoverallpowertrainsales

growthwereinanywaycomparablewasinItaly,wherethefigureswerealmost

identical(around19.5%).Ofcourse,BEVgrowthitselfisresponsibleformuchofthe

overallpowertrainsalesincreaseinmanymarkets.WhenonecomparesBEVgrowth

withtheincreaseinsalesofconventionalICEvehicles,theresultsareevenstarker

(49%vs.8%inthetenWesternEuropeanfocusmarkets,49%vs.20%inChina,and

67%vs.14%intheUnitedStates).

52%

ThegrowthofeachrespectiveBEVmarketdependstoalargeextentonitsmaturity.

Yeartodate,theBEVmarketinNorwayhasincreasedbyjust2%comparedtothe

sameperiodin2022.Theapparentstallingofmarketgrowthislittlesurprisewhenone

considersthatBEVmarketsharehasalreadyreached83%.Thereversecanbeseen

inBEVmarketsthathavebeenslowtotakeoff.Forexample,inIndiaandTurkey,

whereBEVmarketsharehoversataroundjust2%,BEVsalesgrewby139%and

341%respectivelyinthefirsthalfof2023.

BEVsalesgrowthacrossall20analyzedmarketsinQ22023fromthesamequarterlastyear

Significantly,BEVmarketshareinFrance,GermanyandtheUK,thethreelargest

Europeanmarkets,standsataround16%,widelyconsideredtobetheinflectionpoint

atwhichmainstreamconsumersgiveseriousconsiderationtoaBEVpurchase.Given

thatthemomentumofBEVsalesgrowthisthereforelikelytoincrease,OEMsare

positioningthemselvestotakeadvantagebyofferingdiscountsandnewproducts.

UnlikewithBEVsales,thefortunesofthePHEVmarkethavefluctuatedmarkedly.

WhereasPHEVsalesdecreasedby2%inthetenWesternEuropeanfocusmarketsin

Q22023vs.Q22022,theygrewinChinaby105%.PHEVsfallwithinthedefinitionof

thenewenergyvehicle(NEV)inChina,andthepurchasetaxexemptionforNEVshas

nowbeenextendedforafurtherfouryears,tovaryingdegrees.

3

Strategy&

1.Newsandhighlights

BEVmarketcontinuesitssteadydriveintothemainstream

OEMslooktoseizestationwagonopportunity

Europeisthehomeofthestationwagon,boastingalmosttwothirdsofglobalsalesin2022(1millionoutofaglobaltotalof1.5million).1Littlewonder,therefore,thatOEMsintheregionarelookingtoofferelectricversions,furtherevidenceofthesteadilygrowingelectrificationofthemainstreamcarmarket.

ElectricstationwagonshaveamajoradvantageoverSUVs,withsuperioraerodynamicsimprovingtheirrangeandefficiency.ThecompetitivelypricedMG5andthemuchmorehigh-endPorscheTaycanSportTurismoaretheonlyBEVstationwagonscurrentlyonthemarket.ButnowotherOEMsareseizingtheopportunity.

Forexample,theChinesecompanyNiohaslaunchedtheET5Touring,astationwagonversionoftheET5sedan,whichwillspearheadthecompany’sexpansionintotheEuropeanmarketwhensalesstarttowardstheendof2023.2Meanwhile,BMWhasconfirmedthatitwillreleaseitsi5Touringinspring2024,anelectricversionoftheBMW5SeriesTouringthatisverypopularamongEuropeancompanycardrivers.3VolkswagenisrumoredtobeaddingtheID.7TourertoitsBEVlineup,astationwagonversionoftheID.7sedan.4

Sources

InterestintheMicroBEVsegmentismaximizing

Giventhesignificantcostsoftheofficialapprovalprocessforstandardpassengercars,OEMsandstart-upsarebecomingincreasinglyinterestedindevelopinglight(L6)andheavy(L7)quadricyclesasBEVsforcityuse.ForOEMs,thereistheaddedbonusthattherearefewerrequirementsforthesevehiclestobebuiltwithcertainexpensivesafetyequipment,suchascrumplezones,airbagsandradarsensors.

Start-upsfindgoingtoughasfundinggetstighter

BEVstart-upsattractedmuchinterestandinvestmentfromcapitalmarketsinrecentyearswhentheywentpublic.Buttheirfortuneshavesincedipped,besetbymissedproductiontargets,supplychainproblemsandagenerallymoredownbeateconomicclimate.Rivian’ssharepriceisdownover80%fromitsrecordhighin2021andhasbeenconsequentlyremovedfromtheNasdaq-100index.5TheChineseBEVmanufacturerAiwaysisreportedlyinfinancialdifficulties.AccordingtoChinesemedia,vehicleproductionatitsplantinShangraohasbeensuspendedsinceFebruary.6Evenworse,LordstownMotors,SonoMotorsandLightyearallrecentlyfiledforbankruptcyorinsolvency.7,8,9

Ascapitalfundingisnowmuchmoredifficulttocomeby,andbecausethereisfiercecompetitionamongEVstart-ups,furthermarketconsolidationisanticipated.

USrivalschargetoadoptTeslachargingsystem

AlthoughitsshareoftheUSBEVmarkethasfallenfromitspeakof78%in2018to63%inH12023,rivalOEMshavebeenforcedtoacceptTesla’sdominance.SeveralhaverecentlyannouncedagreementsthatwillenableownersoftheirvehiclestouseTesla’sproprietaryNorthAmericanChargingStandard(NACS).10Foritspart,TeslasaysithopesthatthiswillincreaseBEVadoption.FordwasthefirstOEMtoreachanagreementwithTesla.Currently,theFordF-150LightningandMustangMach-EareequippedwithaCCS-typechargeport,butfromspring2024anadaptorwillallowthemtoconnecttoTesla’schargers.From2025,Ford’snewBEVswillfeatureastandardNACSplug.

GeneralMotors,Rivian,Mercedes-Benz,Nissan,Volvo

andPolestarhaveallsinceannouncedthattheywillincorporatetheNACSchargeportfrom2025.TheseOEMsandTeslarepresented81%ofallBEVsinH12023.TheotherssuchasHyundaiandVolkswagen,arenowsaidtobeintalkswithTesla.

Atthesametime,certainchargingnetworks,suchasChargePointandElectrifyAmerica(ownedbyVolkswagen),havealsonegotiateddealstooffertheNACSconnectoratitsstationsinthenearfuture.11

Strategy&1S&PGlobalLightVehicleSales,June2023;2Electrek,15June2023;3Topelectricsuv.com,5July2023;4ArenaEV,3July2023;5yahoo!finance,14June2023;4

6Electrive,22June2023;7Reuters,27June2023;8CleanEnergyWire,17May2023;9CleanTechnica,2February2023;10CNBC,15June2023;11CarandDriver,7July2023

1.Newsandhighlights

Newemissionstargetsandincentivesreflectgovernmentambitions

GovernmentsseektostimulatetheirBEVmarkets

Authoritiesthroughouttheworldcontinuetodo

whatittakestostrengthentheirlocalBEVmarkets

andmeetclimategoals.Indeed,thetwolargest

economiesintheworld,theUSandChina,have

recentlyannouncedinitiativeswiththeseobjectivesin

mind.

TheBidenadministrationintheUShasproposedtoughnewautomobilepollutionlimitsthat,accordingtoexperts,wouldrequirearoundtwothirdsofallvehiclessoldinthecountrytobeelectricby2032,aroughlytenfoldincreaseonthecurrentBEVmarketshare.1TheChinesegovernmenthadpreviouslyofferedasubsidyforBEVpurchasesformorethanadecadebuttheprogramendedin2022.Withsalesgrowthnowweakening,ithasdecidedtoextendthecurrentNEV(newenergyvehicle)purchasetaxexemptionwhichwassettoexpireattheendof2023.NEVspurchasedin2024and2025willbeexemptedfrompurchasetaxamountingtoasmuchas30,000yuan($4,170)pervehicle.Theexemptionsavingwillbehalvedandcappedat15,000yuanforpurchasesmadein2026and2027.2

AustraliahasalsoannounceditwillintroducenewstandardstargetingvehicleemissionsinordertoboostBEVsales,withthemarketcurrentlylaggingbehindotherdevelopedeconomies.3

However,otherslookatwaystorecouplostfunds

Notonlyaresubsidyprogramsexpensivetorun,butmanygovernmentshavealsoofferedaroadtaxexemptionforBEVs.Itisnosurprisethatmovesareafoottorecoversomeofthesecoststothestatebudget.Forexample,theHouseofRepresentativesintheUSStateofTexashasapproveda$200annualfeeforBEVowners.Thefeeissupposedtooffsetthelossoftaxfromthesaleoffuel.GiventhatthisfigureissignificantlyhigherthanthatcurrentlypaidbyICEvehicleowners,themovehasdrawnsomecriticism.4

OEMsinvestinLFPbatterydevelopment

Lithiumironphosphate(LFP)isalessexpensive

batterymaterialthanitsalternatives,cobaltandnickel.

AstheBEVindustrystrivestoproducemore

mainstream,affordablevehicles,LFPisattracting

muchattentionandinvestmentfrommultiple

OEMs.5

Forexample,Fordisplanningtoopena$3.5billionLFPmanufacturingplantin2026inMichigan,usingtechnologylicensedfromChina’sCATL.6ThecompanywilluseLFPbatteriesinitsMustangMach-Elaterthisyear.7Meanwhile,TeslaaimstouseLFPbatteriesinanaffordableBEVandasemi-heavyelectrictruck.8

Solarpanelsonparkingstructuresgaintraction

Parkinglotsthroughouttheworldarestartingtobe

transformedintosolarpowerhousesthatproduce

cleanerenergyandreducecosts.Bybuildingsolar

canopiesabovetheselargeopenspaces,carparks

canbecomeanidealvenueforelectricitygeneration.

Thesesolarpanelsalsogranttheaddedbonusof

offeringprotectionfromtheelements,keepingcars

coolerintheshade.9

Francehaspassedalawthatrequiredallnewparkinglotswithmorethan80spacestocoveratleast50%oftheirgroundwithsolarcanopies.10SomeauthoritiesintheUSaremovinginasimilardirection.InRhodeIsland,legislationhasbeensubmittedwhichalsorequireslargeparkinglotstocover50%oftheirareawithsolarcanopies.11Californiaisencouragingthisdevelopmentbyofferingasalestaxexemptionforthematerialsinvolvedinbuildingsolarcanopiesoverparkinglots.12

Strategy&

Sources

1APNews,12April2023;2Reuters,21June2023;3Reuters,19April2023;4Carscoops,28April2023;5Reuters,23June2023;6Reuters,23June2023;7Electrive,17February2023;8NewsDirect,12April2023;

9InterestingEngineering,24May2023;10CleanTechnica,9February2023;11pvmagazine,24April2023;12pvmagazine,12April2023

5

2.Analystinsights

EuropeanLithiumPrices

(’000USD/MetricTon)

60

50

40

30

BEVpricesfallasOEMsfighttoattractmainstreamconsumers

COVID-19lockdownsandtheresultingshortagesfromsupplychaindelayscreatedanupwardpressureonprices.However,assupplyhasnowstabilizedandproductionisincreasing,competitionamongOEMstoattractmainstreamconsumersisleadingtopricereductions.

PwCAutofactsanalysisofpricesintheGermanmarketrevealsthatBEVdiscountsareincreasingandarenowsimilartothelevelofferedforICEmodels.Moreover,significantdiscountsareexpectedtoremaininplacefortheforeseeablefutureasthescrambleforconsumersandeconomiesofscalecontinues.

InjustonemonthfromJune2023,theaverageBEVdiscountinGermanyincreasedby1.5%,andnowstandsat10.9%excludinggovernmentalincentives.Bycomparison,theaveragediscountforICEvehiclesstayedatround10.3%.ThemostexpensiveBEVs,withpricesinexcessof€65,000net,weresubjecttothelargestdiscountincrease,upby2.9%to13.8%.

OEMscanseethedirectionoftraveloverthecomingyears,andknowthattheexpansionoftheBEVmarketisinevitable.However,thequestionofhowthatcakewillbedividedamongOEMsstillhastobedecided.

BEVsaleshavebeenincreasingsteadilyinGermanyoverrecentyears,butstillonlycomprisedamarketshareof15.8%duringthefirsthalfof2023.Manyconsumershavestilltomaketheleap,andBEVsarenotyetquiteamainstreamchoiceofpurchase.

Basedonthetechnologyadoptionlifecycleamainstreammarketinflectionpoint–thejunctureatwhichanincreaseinBEVsalesissettogainsignificantmomentum–isnowconsistentlybeingreached.ThediscountsbeingofferedcanbeseenasOEMsjockeyingforprimepositiontotakethespoilsduringtheforthcomingperiodofrapidmarketexpansion.OurstudyalsorevealedmajordiscrepanciesinpricesforthesamemodelsinGermanyandChinarespectively.ChineseBEVsexportedtoGermanyarearound40-45%moreexpensiveinGermanythanintheirhomemarket,whileBEVsproducedandsoldinGermanyarealsoaround

DealershipDiscounts(%)

20

15

10

5

0

Reduced

IncentiveIncentiveIncentive

(4,500€)(3,000€)

13.8

Full

No

11.1

10.9

8.6

8.5

7.8

10.310.1

<3030-4040-65>65

NetPrice(’000€)Jun-23Jul-23

Source:PwCAutofactsAnalysis,carwow,Bloomberg

Strategy&

40-45%moreexpensivethantheequivalentmodelsproducedandsoldinChina.Certainly,EuropeiscurrentlythemoreattractiveregionforOEMstosellanyexcessBEVinventoryandfurtherpricereductionsarepossible.

Nevertheless,thediscountsbeingofferedinEuropedoposeathreattoOEMprofitmargins,particularlyiftheycontinueoverasustainedperiod.Thecostofrawmaterials,suchaslithium,isstartingtoriseagainafterfallingatthestartoftheyear.China’scontrolovermuchoftheworld’slithiumsupplyalsocarriesamajorstrategicriskforOEMs.ShouldgeopoliticaltensionswithChinaintensify,accesstolithiumandrefiningcouldbeplacedinjeopardy.OEMswillthereforeneedtostrikeacarefulbalancebetweenriskandrewardastheBEVmarketheatsupfurther.

70

+3%

20

Jan-AprJulOctJan-AprJul

2223

6

2.Analystinsights

BEVsalesareacceleratingandclosingintotheinflectionpoint

BEVPenetration

(inpercent)

Growthrate(%)

1,100

1,075

350

150

125

100

75

50

25

0

EarlyAdopters

InflectionPoint

MainstreamMarket

Indonesia

Australia

Turkey

India

SpainNetherlands

USA

JapanFranceAustria

China

GlobalUK

ItalySweden

Norway

BthKormanySwitzerland

0102030405060708090100

Marketshare(%)

KeyInsights

?Withaglobalmarketshareof13%,BEVshavenotarrivedinthemassmarketyet,butshowedasignificantgrowthof39%inH12023

?ThethreebiggestEuropeaneconomiesarerightattheinflectionpointwithBEVshareYoYgrowthsbetween32%and48%inthefirsthalfofthisyear

?Netherlandsshowedastark99%YoYincreaseinH12023,despiteaBEVmarketshareof31%,andthusalreadyreachingcriticalmass

?Norway’sBEVsalesshowedthelowestYTDgrowthintheanalyzedcountrieswith2%duetoanalreadysaturatedBEVmarket

?Indonesiaontheotherhand,hasseenatenfoldincreaseinYTDBEVsalesoverlastyear’sH1,albeitcomingfromalowbaseoflessthan500units

Strategy&Source:PwCAutofactsAnalysis,KBA,SMMT,PFA,ANFIA,ANFAC,SCB,OFV,RAI,auto-schweiz,StatistikAustria,CAAM,CPCA,JADA,ODMD,MoRTH,ABVE,FCAI,GAIKINDO,PZPM7

?ChineseBEVsexportedtoGermanyare~40%-45%moreexpensiveinGermanycomparedtothelocalmarket

?BEVsproducedandsoldinGermanyare~40%-45%moreexpensivethanthe

equivalentBEVmodelsproducedandsoldinChina

?GermanBEVsareon

averagesimilarlypricedorslightlymoreexpensiveinGermanythanthe

sameimportedmodelsinChina

?ReasonsforhigherpricesinGermanyincludemorestringentapprovalproceduresandbroadlyhighercosts

1

2

-10%to+10%

Average:+0%to+5%

3

2.Analystinsights

BEVpricedifferencesinGermanyvs.China

Category%PriceDifferenceGermanyvs.China

+15%to+95%

Average:+40%to+45%

+30%to+60%

Average:+40%to+45%

Source:PwCAutofactsAnalysis,OEMwebsites

Strategy&

8

PricinginformationasofJuly2023;exchangerateRMB-EURasof20.07.2023:￥1≈€0.125

TeslaModelY

200,520

ChevroletBoltEV/EUV33,659

VolkswagenID.4

16,448

HyundaiIoniq5

13,641

BMWi4

10,724

2.Analystinsights

TeslaModelYtopsdomesticmodelsinmarketsabroad

TopBEVmodelsinH12023

4

5

6

7

8

9

10

Strategy&

USA

EuropeanTop4

ModelSalesJan-Jun’23

ModelSalesJan-Jun’23

TeslaModelY

53,746

TeslaModel3

25,052

112,791

Fiat500e

VolkswagenID.4,ID.522,093

RivianR1T

20,915

16,452

TeslaModel3

DaciaSpring

20,355

FordMustangMach-E14,040

16,728

PeugeotE-208

15,664

MG4

TeslaModelX

15,552

13,475

VolkswagenID.3

RenaultMeganeElectric13,345

TeslaModelS

11,017

10,106

AudiQ4e-tron

Source:PwCAutofactsAnalysis,KBA,AAAData,DGT,UNRAE,CPCA

China

ModelSalesJan-Jun’23

TeslaModelY

203,932

153,401

BYDDolphin

BYDYuanPlus

141,077

WulingHongguangMiniEV122,037

AionS

115,599

92,009

AionY

TeslaModel3

90,173

BYDQinPlusEV54,659

ChanganLumin

50,881

47,714

BYDHanEV

9

3.Electricvehiclesalesdata

NewBEVlaunchesdrivemarketgrowth

Q12023

NIO

EC7

Q22023

Baojun

Yueye

Q32023

Q42023

Volkswagen

ID.7

Cupra

Tavascan

Lexus

RZ

BYD

Seagull

Fiat

600

BMW

i5

MG

AirEV

Kia

EV5

Tesla

Cybertruck

Chevrolet

SilveradoEV

Source:S&PGlobalMobilityLightVehicleProductionforecast,June2023Release

Strategy&10

7,852

8,000

6,0005,863

2,000

1,600

1,200

800

400

0

+3

4%

4,000

2,000

0

3.Electricvehiclesalesdata

EVsalesremain

ontherise

ElectricVehicles(EVs*)

KeyMarkets

YTDJune’22vs.YTDJune’23(in’000units)

June’22vs.June’23(in’000units)

1,626

1,223

+3

3%

Jun-22

YTDJun-22

YTDJun-23

Jun-23

WE5+5ChinaUSA

Strategy&

11

*EV=BatteryElectric+Plug-inHybrids+Hybrids

5,000

4,000

3,000

2,000

1,000

0

1,000

4,044

2,953

+3

7%

+3

750

500

250

0

3.Electricvehiclesalesdata

BEVsalesgrew

fastestintheUS

BatteryElectricVehicles(BEVs)

KeyMarkets

YTDJune’22vs.YTDJune’23(in’000units)

June’22vs.June’23(in’000units)

853

657

0%

Jun-22

YTDJun-22

YTDJun-23

Jun-23

WE5+5ChinaUSA

12

Strategy&

YTDJun-22

400

1,600

1,200

800

400

0

+4

1,517

9%

1,021

YTDJun-23

300

200

100

0

3.Electricvehiclesalesdata

Plug-inmomentum

staysstronginChina

Plug-inHybridElectricVehicles(PHEVs)

YTDJune’22vs.YTDJune’23(in’000units)

KeyMarkets

June’22vs.June’23(in’000units)

332

+6

206

1%

Jun-22

Jun-23

WE5+5ChinaUSA

13

Strategy&

4.WesternEuropeTop5andotherEuropeanmarkets

193,000

PHEV

-2%

1,333,000

Total

+28%

WesternEurope5+5

EuropeanTop5:France,Germany,Italy,Spain,andUnitedKingdom

BEVsalesinthetop5Europeanmarketsgrewby49%inthesecondquarterof

2023comparedtothecorrespondingperiodin2022.

WE5+52023Q2Comparisonto2022Q2

+49%

429,000

BEV

ThestrongestpercentageincreasewasrecordedinSpain,withgrowthof97%

fromQ22022.However,itshouldbenotedthatthisincreasewasfromalow

base,andthatthenumberofBEVunitssoldinSpain(around16,000inthe

quarter)wasdwarfedbythefiguresinGermany(126,000),UK(77,000)and

France(73,000).

Hybrid

+29%

711,000

TheselargerBEVmarketsallenjoyedsignificantincreasesinQ22023vs.Q2

2022,withGermanyandUKbothgrowingby50%andFranceby47%.Italyis

stillstrugglingtomakeheadwayintheBEVmarket.BEVunitssoldwerearound

16,000,anditsgrowthrateof20%fromQ22022waseasilyoutperformedby

Poland,whichregisteredanincreaseof76%.TheyeartodateBEVmarketshare

inPolandisalsojust0.3%belowItaly.

OtherEuropeanmarkets+5:AT,CH,NL,NO,SE

ThelargestBEVsalesgrowthintheotherEuropeanmarketswasseenintheNetherlandsandAustria,withincreasesof96%and66%respectively.ItappearsthattheBEVmarketshareinNorway,easilythehighestintheworld,isstabilizingataround83%.Yeartodate,thetotalEVmarketshareinNorwayisnowover96%.

TheBEVmarketsharesinSpainandItalylagbehindtheothercountriesinthe

Europeantopfivemarkets,atnearly6%and4%respectively.Meanwhile,BEV

marketsharesinFrance,GermanyandUKallhoveraroundthe16%mark,an

acceptedinflectionpointatwhichmanymoremainstreamconsumersseriously

consideraBEVpurchaseandgrowthratestendthereforetoaccelerate.

Meanwhile,PHEVsalesinthetopfivemarketsdeclinedby6%vs.Q22022.This

overallreductioncanbeattributedinlargeparttoa42%decreaseinGermany,

followingatotaleliminationofPHEVincentivesattheendof2022.Yeartodate,

onlyItalyhasalowerPHEVmarketshareoutoftheEuropeantopfivemarkets.

14

Strategy&

+51%

71,000

PHEV

Total

664,000

4.UnitedStates

UnitedStates

USA2023Q2Comparisonto2022Q2

+67%

287,000

BEV

TheUSBEVmarketgrewby67%inthesecondquarterof2023

vs.thesamequarterin2022,onceagainpropelledbygovernment

incentives,popularnewmodelsandthedevelopmentofthe

country’scharginginfrastructure.

Hybrid

+43%

306,000

+53%

USBEVmarketsharecurrentlystandsatonly7%.However,the

effectoftheabovefactors,furtherstrengthenedbytheBiden

administration’srecentproposalsforstringentnewautomobile

pollutionlimits,arepoisedtospuradramaticincreaseintheBEV

shareoverthecomingyears.

June2023wasthefirsttimeBEVsalesexceeded100,000ina

singlemonth.HybridandPHEVsalesbothrecoveredsomewhatin

Q22023.MorehybridsthanBEVsweresoldforthefirstquarter

sinceQ32022,whilePHEVsalesincreasedby51%afterseveral

quartersofeithermuchslowergrowthorevendecline.Yearto

date,theHEVmarketshareremainsjustbelowthatofBEV.

15

Strategy&

4.ChinaandothercountriesinAsia

ChinaandotherAsiancountries

China

China2023Q2Comparisonto2022Q2

+49%

1,567,000

BEV

+105%

592,000

197,000

PHEV

Hybrid

Total

+5%

China’sBEVsalesincreasedby49%inQ22023fromthecorrespondingquarter

lastyear.PHEVsalesmorethandoubledinthesametimeframe,upby105%,

easilythelargestincreaseamongthemajormarketsinourstudy.With232,000

units,June2023wasthebesteversalesmonthforPHEVsinChina.InQ22023,

Chinaaccountedfornearly68%ofallPHEVsalesinthe20analyzedmarkets.

Therehadbeenanoticeableweakeningofdemandinthefirstquarterofthis

year,afterthedecade-longstatesubsidyforNEVpurchasesterminatedatthe

endof2022.Inresponse,thegovernmenthasdecidedtoextendtheNEV

purchasetaxexemption,whichwassettoexpireattheendof2023,forafurther

fouryears(theexemptionsavingwillbehalvedaftertwoofthoseyears).This

incentiveissettoactasastimulustobothBEVandPHEVmarketsoverthe

comingyears.

2,355,000*

+54%

Japan

*Numbersmaynotaddupduetorounding

Japan’sEVmarketcontinuestobealmostcompletelydominatedbythesaleof

HEVs,whichboastedanoverallmarketshareof54%inQ22023.TheBEV

marketshowedsomesignsoflife,growingby63%fromQ22022,albeitfroma

lowbase.TheBEVmarketsharestandsat2%.Yeartodate,emerging

economiessuchasIndiaandIndonesiahaveBEVsharesslightlybelowJapan

andarecurrentlyexperiencingmuchmoresignificantBEVgrowthcomparedto

2022.

SouthKorea

BEVsalesinSouthKoreaincreasedbyjust9%inQ22023fromtheequivalent

periodin2022.TheBEVmarketshareforthequarterwas9%.

16

Strat