Global plug-in vehicle registrations increased 60% in March 2022 compared to March 2021. There were 851,000 registrations, the second best month ever, representing 15% of the total car market (11% BEV share), which means the global auto market is entering Electrical Failure Zone†
Add to that the 832,000 plugless hybrids registered in March and we have almost 30% of the total world market with some form of electrification last month.
In another note on plugless hybrids, last month’s growth rate was just 1%, the worst since the declines in the Covid-19 lockdown months of April and May 2020. That could mean this year’s Peak HEV year, with 2023 marking the start of downhill sales for this type of drivetrain. We will see.
(Toyota, pay attention….)
Peak HEV is just one of the weird events that happen once EV disruption hits the car market. It’s not just about the fuel share, like diesel sales falling off a cliff in Europe. It also covers OEM positions such as the rise of Chinese OEMs in their home market, Volkswagen Group losing its grip on Europe and Tesla’s future inclusion in what is currently the US Big 4 (the others being Toyota, GM, Stellantis, and Ford).
In March, BEVs (+81% yoy) grew faster than PHEVs (+19%), with the second powertrain suffering from sales declines in Europe. Year-to-date, the plugin’s share rose to 11% (8.2% BEV).
Fully electric vehicles (BEVs) accounted for 75% of plug-in registrations in March, bringing the total number to date to 72%.
Gold and silver win for Tesla
Looking at the monthly bestseller chart, the Model Y took the title again, the 3rd in a row. This is the crossover’s first time beating its sedan sibling in an entire quarter.
This is the result of two trends. First, Model Y shipments continued to climb, reaching 92,221 units in March, a new record for an EV. Second, Model 3 sales are leveling off, evidenced by the fact that midsizer shipments were up just one percent in the first quarter of 2022 compared to the same period last year.
The Wuling Mini EV took third place on the podium, followed by two BYD models. The #4 Song PHEV scored a record 22,383 registrations (or 26,741 if we add the BEV version).
There were three other record performers in the top half of the table. The #6 Chery QQ Ice Cream
Wuling Mini EV Clone scored 11,687 registrations – on the market in just the 5th month! (We may soon see another city EV vying for a podium spot.) In #9 we have the Hyundai Ioniq 5, with its first 5-digit result, 10,848 registrations. The Korean model finished just 9 units behind the #8 Volkswagen ID.4. We may soon see the Hyundai EV become the best-selling model of an older OEM. That begs the question: if the Hyundai Ioniq 5 and its cousin Kia EV6 are the only models in the top 20 not sold in China, when will we see them launched there?
As for Changan’s Benni EV, the Chinese automaker’s strong momentum extends to its EV range, especially its star player, the tiny Benni EV. The Toyota Yaris-esque model received 10,728 registrations in March.
In the second half of the table, the BYD Yuan Plus only entered the table in the 3rd month, with 10,027 registrations. To get a better idea of just how steep this rise is, its brother BYD Dolphin had shipped just 6,000 units in its third month on the market. I wouldn’t be surprised if the compact crossover hit 20,000+ units per month within a few months.
In the second best month ever for the global vehicle plug-in market, there were record scores, with 9 of the top 20 bestsellers having record scores. In addition to the aforementioned models, we must also highlight the #14 GAC Aion Y with 9,501 registrations, with the compact MPV (Okay! MPV’s rule!!!) to become the new star player in the GAC lineup.
The #15 XPeng P7 also had a record month, with 9,195 registrations. The startup model aims to reach the full-size leaders, the #7 Li Xiang One and #12 BYD Han EV, and it’s interesting to see the three bestsellers in the full-size (or four, if we take the # 16 BYD Tang PHEV) come from China. … German OEMs, take note.
Speaking of Chinese startups, the #20 Hozon Neta V had a record 8,122 registrations. The third legacy OEM model in the table, the Kia EV6, entered the top 20 in #17, making it the second E-GMP model in the top 20. Will Hyundai be able to get the upcoming Ioniq 6 in the best-sellers table as well?
In the year-to-date (YTD) table, the Tesla Model 3 climbed to second place, but the 6.4% share the sedan now has pales in comparison to the 11% the Model 3 had a year ago. , proving that Tesla’s growth now rests on the shoulders of the Model Y.
Looking below, the #9 VW ID.4 and #10 Chery QQ Ice Cream climbed one position, but the German crossover must see the Hyundai Ioniq 5, which jumped two positions, to #12, while the Korean retro-futuristic hatchback is only 3,000 units behind and could soon become the best-selling legacy OEM model.
In the bottom half of the table, we have two new faces joining the top 20, with the #18 GAC Aion Y replacing its Aion S sibling among the bestsellers, and the Kia EV6 the second Hyundai-Kia model in the list. table, something only Tesla and BYD can be proud of.
A rising star should soon join the top 20, with the BYD Yuan Plus now some 1,500 units below the #20 Kia EV6. Expect the compact crossover to become the 7th(!) BYD model in the top 20.
Tesla in #1
In March, the top two brands scored record results, with Tesla getting 180,000 registrations and BYD nearly 105,000 registrations – the first time we have two brands achieving 6-digit scores at the same time.
Among the top two, there were also several record-breakers, such as Hyundai and Kia, which benefited from strong results from the Hyundai Ioniq 5 and Kia EV6. There’s also China’s Chery, #9 thanks to the success of the QQ Ice Cream; #11 GAC, on the wave of the Aion Y’s success; #16 Changan (thanks to the Benni EV); and #20 Hozon (thanks to the Neta V).
Despite not achieving a record score, #6 Mercedes had 26,814 registrations, the best score in 15 months. Close by was #7 Volkswagen, which had another slow month. The Wolfsburg brand was surpassed in March by BMW, which was the best-selling car brand last month.
After a slow month in February, XPeng and Great Wall returned to the bestseller list in March, leaving half of the top 20 Chinese brands.
In the YTD chart, Tesla eventually rose to number one, surpassing BYD thanks to its quarter-end peak, but at just 1.2% of both, it’s the lowest difference between Tesla and runner-up since 2019 (actually , at the end of the month) at the end of Q1 2019, BYD was slightly ahead of Tesla…).
Among these two, which are truly in a league of their own, the SGMW joint venture is comfortably in 3rd place. Below that, BMW recaptured 4th place, with Hyundai and Kia moving up one spot, to #8 and #10 respectively.
Between the two Korean brands, Chery was also up one spot, to #9, while we see Changan climb to #14 in the second half of the table. Great Wall and XPeng took advantage of a strong March and jumped to #16 and #18 respectively.
Looking at the top 20, what are the brands that are? before the bend† Which ones have won share YoY?
BYD is the obvious answer, with the Chinese brand gaining a massive 9% share in a year, but others have also gained market share, albeit with much more modest gains. Chery doubled its share to 2.6%, Hyundai (+0.8%) and Kia (+0.6%) gained some ground ahead of Korea, as did Li Auto (+0.7%) and GAC (+0.6%). 2%) for China.
Looking at the registrations by OEM, at the end of Q1, Tesla led the way, but lost 1% market share compared to the same period last year. Rising BYD ended the quarter in second place, just 1.2% behind Tesla. Will the Shenzhen-based automaker surpass Tesla in 2022? I doubt it, but one thing is for sure, both have a lot of growth potential. So that possibility will remain on the table for the coming months.
BYD’s rise this year relegated SAIC and Volkswagen Group to 3rd and 4th place respectively, with both OEMs losing a significant 4% share compared to last year. They completely lost touch with the top two galactic players on the market. In addition, the #5 Geely-Volvo (5.5%) and the rising #6 Hyundai-Kia (5.4%) now appear in the rear-view mirror.
Looking only at BEVs, despite declining market share, Tesla remains the main force, with 21.6% market share. The
Californian The Texan automaker is followed by an equally slowing SAIC (10.8%, down 6 percentage points). Rising BYD climbed to third, gaining 5 percentage points year over year.
Volkswagen Group dropped to 4th place, with a loss of 1 percentage point of market share compared to the same period of 2021. It now sees a rising Hyundai-Kia (5.7%) approaching.
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