NEV Market Remains Bullish Across 1Q21-3Q21 Period Against Headwinds, With More Than Four Million Vehicles Sold Globally, Says TrendForce

TAIPEI, Taiwan–(BUSINESS WIRE)–Total global sales of NEVs (new energy vehicles) for the first three quarters of 2021 (January-September) reached 4.2 million units, with BEVs in particular accounting for 2.92 million units, a 153% YoY growth, according to TrendForce’s latest investigations. Total sales of PHEVs, on the other hand, reached 1.28 million units, a 135% YoY growth. Compared to the overall automotive market, whose growth has been constrained by the ongoing semiconductor shortage and effects of the COVID-19 pandemic, sales of NEVs still remained relatively strong.

Regarding BEV sales, Tesla comfortably took the leadership position with a 21.5% market share. The automaker’s sales volume for the first three quarters of this year already surpassed its sales volume for 2020. Taking second place on the top 10 list, Wuling Hongguang was able to maintain its high volume of sales due to not only low retail prices, but also a gradual expansion of its target markets from tier-three and tier-four cities to tier-one and tier-two cities in China. This shift would seem to indicate a corresponding expansion of and shift in Wuling Hongguang’s customer base. BYD and Volkswagen took third and fourth places, respectively, with the latter aggressively consolidating its BEV offerings into the ID. Family this year. Vehicles in the ID. Family have accounted for nearly all of Volkswagen’s BEV sales since 3Q21. Despite the rapid growth of the BEV market, competition has been intensifying after traditional automakers began releasing their own BEV models at a faster pace while emerging automakers also began delivering vehicles.

It should be noted that, although the global semiconductor shortage has not damaged the NEV market to the same degree as it did the traditional ICE vehicle market, the NEV market is not entirely immune to the resultant supply-side issues. In addition, China’s power rationing and pandemic-generated transportation/logistics disruptions likewise affected automakers’ manufacturing operations to various degrees. Taken together, these aforementioned factors became some of the underlying causes responsible for the shifts in NEV automakers’ market shares.

Regarding PHEV sales, BYD put up a remarkable performance by leapfrogging to second place in the rankings, and this can primarily be attributed to the release of BYD’s DM-i vehicles, which feature a super hybrid technology aimed at reducing fuel consumption. Thanks to the DM-i vehicles, BYD’s PHEV sales began skyrocketing in 2Q21, and the automaker was able to overtake several European automakers with respect to total PHEV sales for the first nine months of 2021. Much like the BEV market, despite the growths in most automakers’ sales volumes, companies will find it increasingly difficult to raise their PHEV market share.

Looking ahead to the NEV market’s future, TrendForce believes that, as traditional global automakers gradually kick off mass production of vehicles based on the battery electric platform, more and more new BEV models will be released to market at an accelerated pace. Furthermore, the next one to three years will serve as the key timeframe for emerging automakers as well as new entrants that crossed from other industries to achieve mass production. Therefore, there remains much potential for changes to occur within the rankings of NEV automakers’ sales and market shares.

For further details of this press release, including the table showing the market shares and respective ranking of automakers in the BEV and PHEV markets from 1Q21 to 3Q21, please visit:

https://www.trendforce.com/presscenter/news/20211112-10999.html

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About TrendForce (www.trendforce.com)

TrendForce is a global provider of the latest development, insight, and analysis of the technology industry. Having served businesses for over a decade, the company has built up a strong membership base of 500,000 subscribers. TrendForce has established a reputation as an organization that offers insightful and accurate analysis of the technology industry through five major research departments: Semiconductor Research, Display Research, Optoelectronics Research, Green Energy Research, and ICT Applications Research. Founded in Taipei, Taiwan in 2000, TrendForce has extended its presence in China since 2004 with offices in Shenzhen and Beijing.