Global EV Market Update - Q3 2022

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Published- Nov 2022
Number Of Pages -88

Global Electric Vehicle Market Quarterly Update

  1. In Q3-2022, EV sales in China increased by 32% compared to Q2-2022 as 1.9M units of EV (BEV,+PHEV+HEV) were sold. After 9 months in 2022, ~4.9M units of EVs were sold in the country
  2. In Europe EVs (BEVs+HEVs+PHEVs) accounted for 34.5% of the overall Passenger Vehicles sold in the Q3-2022 period. The share was ~32% in the previous quarter. 
  3. After 9 months, BYD’s plug-in EV sales increased by 250% to 1.2 million units, whereas it witnessed a 110% rise in the overall EV segment. Tesla sold ~318,000 electric vehicles in China during this period. Net profit of the Chinese automaker surged by 350%, for the July-September quarter reached $788.75 million, while that for the first nine months increased 281% to $1.3B
  4. Panasonic is planning to build the world’s largest EV battery plant, a $4 billion factory in Kansas that will manufacture and supply EV batteries for automakers 
  5. Renault Group and Vitesco Technologies have signed an agreement to develop power electronics for electrified vehicles, seeking to reduce the size and weight of the control units.The aim is to develop a single component that combines the DC-to-DC converter, the onboard charger and the inverter.
  6. Automotive supplier Marelli unveiled a new 800-volt inverter platform with silicon carbide technology.
  7. Japan’s Nidec Corporation increased the EV forecast numbers for 2023 & 2024 for its e-axle production, due to increase in demand in China. The company is also developing 2nd generation E-axle for the market
  8. Beijing extended exemption from 5% purchase tax to end of 2023 in boost for EV sector. The exemption saved Chinese EV buyers 40.7 billion yuan in tax payments. 
  9. India’s cabinet approved an incentive scheme of about 260 billion rupees over a five-year period. The government’s incentive scheme is expected to help attract new investment in the auto sector of about 425 billion rupees. The Incentives will range from 8% to 18% of the sales value of the vehicles or components.




  1. EV penetration rise/decline, top selling vehicles by region
  2. New product pipeline by OEMs, Key consumer and retail trends by region
  3. EV component sourcing trends (Battery, Traction Motor, power electronics and other key components)
  4. Key updates in regulatory environment, government incentives, retail and battery recycling by region
  5. Key updates in Charging infra (Fast charging, public charging, battery swapping and fuel cell stations) by region


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