Global NEV sales to grow 29pc

Staff reporter

Global sales of new energy vehicles are expected to grow by 29.5 percent this year from a year ago, market research firm TrendForce has found.

According to statistics, 13.03 million NEVs were sold in 2023 and the annual growth rate largely dropped from 54.2 percent in 2022.

TrendForce showed that battery electric vehicles accounted for 9.11 million units, with an annual growth rate of 24 percent, and plug-in hybrid electric vehicles amounted to 3.91 million units, with an annual growth rate of 45 percent.

Tesla topped in battery electric vehicle sales last year, with a 19.9 percent market share, followed by BYD (1211) accounting for 17.1 percent, the report added.

Shares of Chinese electric vehicle makers dropped over concerns about a new round of price war in the country after BYD cut prices for a new version of its plug-in hybrid sedan.