According to the latest report by TrendForce, although the new car market in the second quarter of 2022 is still under the shadow of supply chain shortages and the epidemic, new energy vehicles (including pure electric vehicles, plug-in hybrid vehicles, etc., fuel cell vehicles) still outperformed traditional gasoline vehicles and maintained positive growth.
The data shows that the total sales of new energy vehicles reached 2.192 million, a year-on-year increase of 53.5%. The sales volume of pure electric vehicles (BEV) was 1.608 million units, a year-on-year increase of 64.9%; the sales volume of plug-in hybrid electric vehicles (PHEV) was 580,000 units, a year-on-year increase of 29%.
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In the BEV brand rankings, although Tesla still ranks first, its market share has fallen sharply. The company’s single-quarter market share fell from 20.1% in the first quarter of 2022 to a new low of 15.9% in the second quarter. Due to the loss of production capacity of Tesla’s Shanghai factory in April, and the fact that Tesla’s Berlin factory in Texas has not yet started mass production, the capacity allocation has become a headache for Tesla.
At present, in addition to vigorously improving the mass production capacity of the new factory, Tesla also upgraded the Shanghai factory in July to increase production capacity. TrendForce believes that as traditional car companies close the gap with Tesla in terms of accelerating the launch of new vehicles, increasing the variety of models, strengthening factory manufacturing capabilities, and accelerating the iteration of assisted driving systems, Tesla wants to regain even greater power. Market share is getting harder and harder.
Second-ranked BYD offers a rich selection of models, with its global market share rising to 11.2% from 9.3% in the first quarter of 2022. Chinese brands took 6 of the top 10 rankings in the second quarter with their huge market advantage. Among the top 10 brands that do not rely on China as the most important market are Hyundai and Kia. Their main markets for BEVs are Korea, Europe, and North America. Notably, luxury automakers BMW and Mercedes-Benz climbed to 12th and 14th places, respectively, after accelerating their transition to pure electric vehicles.
In terms of PHEVs, BYD sold 173,000 units in 2Q22, with a market share of 29.8%, ranking first. In addition to Li Auto, another automaker focused on plug-in hybrid vehicles, the top 10 also includes MG (acquired by SAIC) and Lynk & Co (a joint venture between Geely Auto and Volvo).
Conversely, plug-in hybrids in the European market posted two consecutive quarters of negative annual growth, dampening growth for European brands. PHEVs are hybrids that still emit carbon during use, but are considered a good alternative to reducing carbon emissions from large and high-emitting vehicles. Jeep, owned by Stellantis, has remained in the top 10 for four consecutive quarters after a full-scale shift to PHEV electric vehicle technology.
TrendForce expects that the growth trend of new energy vehicles will remain unchanged, and the overall sales forecast remains optimistic. It is expected that the penetration rate of new energy vehicles in the entire automobile market will reach 13% in 2022.
