Global electric car shipments rise amid automotive supply chain issues, report says – EQ Mag Pro
Worldwide EV shipments expanded 79% to 1.95 million units in Q1 2022, compared with the previous year
The global electric vehicle (EV) shipments grew in the first quarter of 2022 amid automotive supply chain issues, according to market research firm Counterpoint.
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Worldwide EV shipments expanded 79% to 1.95 million units in Q1 2022, compared with the previous year, as per the research company. Nearly two-thirds of these were battery-electric vehicles (BEVs) while the rest were electric vehicles (PHEVs).
“[EV] shipments would have been higher if the automotive supply chain was not affected by the Ukraine crisis and fresh COVID-19 waves in China in March 2022,” Soumen Mandal, Senior Research Analyst at Counterpoint, said in a statement, adding that there is a lot of scope for expansion as EVs comprised just 12% of the total passenger vehicle shipments in the quarter.
The growth in EV shipments came as the automotive sector continued to recover early in the year after going through the COVID-19 pandemic and semiconductor shortages. China, Europe and the U.S. were the top three regions in EV shipments.
In China, the world’s second-largest economy, EV shipments rose 126% to 1.14 million units in Q1 2022, compared with the previous year.
Tesla and the rest
The Elon Musk-led EV company continued to grow even as other vehicle makers such as Wuling, BMW, Volkswagen and BYD Auto continued to focus on increasing their EV production. Tesla’s shipments increased 68% year-over-year (YoY) in Q1 2022, and are expected to cross 1.3 million units by the end of this year, according to Counterpoint.
The world’s biggest electric-car maker sold more vehicles than the next three original equipment manufacturers combined in the BEV segment in Q1 2022, the research firm noted.
During the first quarter, Chinese manufacturer BYD’s EV shipments rose by 433% YoY. In the same period, the joint venture between SAIC, GM and Wuling, currently operating across China and Indonesia, grew by 14% YoY.
EV shipments from German automotive firms BMW and Volkswagen witnessed year-over-year growth of 16% and 25%, respectively, with the latter working hard to compete with Tesla in Europe as China remains its top EV market.
Road ahead
“With many countries aiming to phase out gasoline-powered vehicles by 2040, car makers are facing a seismic change,” Peter Richardson, Research VP at Counterpoint, said in a statement. “There will be a fight for existence as incumbent auto manufacturers use their scale and manufacturing expertise to fend off new entrants that have no legacy business to protect.”
Global EV shipments are projected to exceed 10 million units this year and reach about 58 million units in 2030, the research firm noted.
Source: PTI
