NEW DELHI: Electric vehicle (EV) shipments increased 79% year over year (YoY) in the first quarter of 2022 to reach 1.95 million units, with Tesla recording amazing growth over a year, says a report. Battery electric cars (BEVs) made up 73% of these, with plug-in hybrid electric vehicles (PHEVs) accounting for the remainder, according to market research firm Counterpoint.
"There is significant room for growth given that EV shipments made up only 12% of all passenger vehicle shipments in the first quarter of 2022. In order to take advantage of the opportunity, new competitors are entering the market "Soumen Mandal, a senior research analyst, stated in a statement. "Existing players are leveraging cutting-edge technologies to have improved batteries, superior IVI systems, and higher levels of ADAS in their EV models as important selling features to compete with new entrants," Mandal added.
Currently, Tesla is at the top of the EV market. Shipments for the business increased by 68% year over year in the first quarter and are anticipated to reach 1.3 million units by the end of 2022. First-quarter sales of EVs in China were led by BYD Auto. Its EV shipments surged dramatically year over year by 433% to surpass 0.28 million units.
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