BYD overtook Tesla as the best-selling electric vehicle brand in 2022 and maintained its position in the ranking through 2023. That year, BYD sold nearly 2.88 million plug-in electric vehicles globally. Tesla and BMW completed the top three brands that year, with Tesla reporting some 1.81 million sales. BYD is also the leading manufacturer of electric vehicles in China, based on sales.
European brands charge ahead in electric car sales
With Europe-based brands Volkswagen, BMW, and Mercedes all impressively ranked in the plug-in electric vehicle (PEV) market, there is no doubt that Europe's incumbent automakers are ready to zoom past rivals when it comes to electric mobility. Volatility in the market has, however, come to light in 2020 following the coronavirus outbreak, as international auto sales contracted by around 15 percent and plummeted to around 64 million units. The global automotive chip shortage, accelerated by the pandemic, further contributed to challenges in the market throughout 2021 and 2022. The European electric vehicle market has been growing through these challenges, with plug-in electric vehicle sales representing over 23 percent of the 2023 European passenger car sales.
Fueling a green future
With climate change still a hot topic of conversation across the globe, the adoption of fuel-cell electric vehicles (FCEV), which emit only water vapor into the environment, as well as hybrids, plug-in hybrids, and battery electric vehicles is becoming ever more enticing. Green transportation-related patent applications worldwide represented close to a quarter of all green patents filed in 2020.
