Electric vehicles are said to be the next stage in vehicular transportation. However, they are very costly, require charging infrastructure that simply isn’t there yet and are currently battling with a crippling global shortage of semiconductor chips. But despite these mitigating factors, EV makers managed to sell a record number of electric cars in May, indicating that the nascent EV space is still going strong.
Global electric vehicle sales reached almost 700,000 in May, increasing by a whopping 55% amid economic woes and supply chain constraints. Data from EV-Volumes shows that customers registered 699,708 passenger electric cars in May, raising the market share of electric cars to around 12%. Battery electric vehicles (BEV) made up 8.6% of the market share and plug-in hybrid electric vehicles (PHEVs) had a 3.4% share.
The data reveals an interesting fact: while BEV sales are much higher than plug-in hybrid sales and have increased a lot faster, sales of nonrechargeable hybrids have slumped for the second month in a row. BEV sales saw a 65% year-on-year increase to around 501,000, and PHEV sales were up by 37% to 198,000.
Over the past six months, drivers around the world registered more than 3.2 million new passenger plug-in EVs compared to nearly 6.5 million over the entirety of 2021. Battery electric vehicles were the majority with around 2.39 million in sales and an 8.1% market share while PHEVs saw about 0.85 million units in sales and a 2.9% share. If May’s trend continues, EV makers may be able to surpass their 2021 sales by the end of the year.
The Wuling Hong Guang MINI EV was the top-selling electric vehicle in May with 34,037 units sold. Developed by Chinese manufacturer Wuling Motors, the mini EV costs just $5,000 and has seen significant sales in the Chinese market, even outselling Tesla. Wuling is now looking to capitalize on the success of the Mini EV by developing different versions, including a forthcoming “long-range” version.
It was closely followed by the BYD Song (31,989), Tesla Model Y (28,147), BYD Han (23,978), Tesla Model 3 (22,621), BYD Qin Plus (17,974), BYD Yuan Plus (11,550), Li Xiang One EREV (11,496), Volkswagen ID.4 (10,728,), and the GAC Aion S (10,504).
Chinese automaker BYD recorded the highest number of plug-in EV registrations in May at 114,993 followed by Tesla (57,472), SAIC-GM-Wuling (38,045), SAIC (28,660), Volkswagen (26,921) and BMW (26,408).
These statistics suggest that the future is indeed rosy for EV sector actors such as Workhorse Group Inc. (NASDAQ: WKHS) as electric vehicle adoption accelerates around the world.
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