WHAT WERE THE MOST SIGNIFICANT CHANGES WITHIN THE EV INDUSTRY IN 2023 ?
The EV industry witnessed a significant growth in global sales in 2023 – BEV and PHEV – reaching approximately 14m ( LVs ), marking a 33 % year-on-year ( YoY ) increase , while average global battery prices dropped by around 14 % YoY , providing automakers additional room to reduce costs . This is slowly resulting in EVs transition beyond the early adopters to the mass market . At the same time , hybrids have also witnessed significant growth in major markets , especially in China where it now accounts for 12 % of total passenger vehicle sales .
However , global EV sales growth has recently slowed due to a weakened economic outlook and rising interest rates , hindering the anticipated EV transition , leading key players to re-evaluate their EV strategies . Amid slowing sales in the world ’ s largest EV market China , many Chinese players are increasingly exploring the EU market with cheaper EVs , resulting in retaliatory measures from European OEMs .
26 [ Jan 2024 ] EVMAGAZINE . COM