Best Electric Cars 2023: Ranking the Top 5 EV Brands by Sales

In 2023, the electric vehicle (EV) market witnessed significant growth, with a record 1.2 million EVs sold in the U.S. alone. This marks a substantial increase in market share to 7.6%, up from 5.9% the previous year. The momentum is expected to continue, with predictions that the EV market share in the U.S. will reach 10% in 2024. This shift towards more sustainable modes of transportation is not just a trend but a glimpse into the future of the automotive industry. As we navigate through this evolving landscape, identifying the best electric cars of 2023 becomes essential for consumers looking to make informed purchasing decisions amidst the burgeoning array of EVs, electric trucks, and electric SUVs.

The focus of this article is set on a mission to rank the world's top 5 EV brands by their sales in 2023, providing you with crucial insights into why these brands lead the market. Cornerstones of our exploration will be the strengths and weaknesses of these leading brands and the intricacies of EV charging and transportation outlined. Such information is vital for any potential EV buyer or enthusiast keen on understanding the current state and the future trajectory of electric vehicles. From luxury EVs boasting the latest in battery health technology to the best all-electric cars offering efficient home charging solutions, this guide aims to steer you through the maze of options in the EV marketplace.

1. Tesla

In 2023, Tesla continued to dominate the electric vehicle (EV) market, with its Model Y, Model 3, Model S, and Model X leading the charge in sales. The company achieved a remarkable milestone, selling 1,808,581 electric vehicles, with the Model 3/Y models accounting for the majority of these sales. This achievement not only underscores Tesla's preeminence in the EV space but also highlights the consumer's preference for Tesla's blend of performance, technology, and design.

• Tesla's 2023 Sales Highlights:

• Total Vehicle Deliveries: 1,810,000 units

  • Total Vehicle Production: 1,850,000 units

• Model Y Sales: 385,900 units

• Model 3 Sales: 259,400 units

  • Model S and Model X Sales: Approximately 95,574 units combined, noting a 12% year-over-year sales decline for Model X

Despite facing stiff competition, Tesla's market share in the U.S. reached an all-time high of 4.20% in 2023, capturing 55% of the EV market. This was a slight decrease from 65% in 2022, indicating a more competitive landscape but also illustrating Tesla's enduring appeal among EV consumers.

• Market Leadership and Challenges:

• Market Share: 55% of the U.S. EV market in 2023

  • Competition Impact: Slight decrease from 65% market share in 2022

  • Pros: Extensive Supercharger network, high-performance models

  • Cons: Premium pricing, service network challenges

Moreover, Tesla's innovative charging solutions, including the use of their proprietary connector and the ability to adapt to the standard J1772 plug with a simple adapter, underscore the brand's commitment to convenience and accessibility for EV owners. This adaptability, combined with Tesla's extensive Supercharger network, positions the brand as not only a leader in EV sales but also in fostering a more sustainable and user-friendly EV ecosystem.

2. BYD

In 2023, BYD (Build Your Dreams) made significant strides in the electric vehicle (EV) market, setting new records and expanding its global footprint. Here's a closer look at BYD's achievements and contributions to the EV industry:

• Record-Breaking Sales and Global Leadership:

• Surpassed Tesla in EV sales in Q4 2023 for the first time.

• Concluded the year with over 3 million units sold, retaining the title of the global new energy vehicle (NEV) sales champion for the second consecutive year.

• Achieved a 45% increase in December sales alone, reaching 341,043 units, contributing to a total of 3,024,417 vehicles sold throughout the year—a 61.9% surge from the previous year.

• Expanding International Presence and Diverse Product Portfolio:

• Saw a 334.2% growth in exports, reaching over 70 countries across six continents.

• The brand matrix includes the Dynasty series, Ocean series, DENZA, FANGCHENGBAO, and YANGWANG, with the Dynasty and Ocean series selling 2,877,353 units in 2023.

• DENZA sold 127,840 units, with the DENZA D9 becoming the annual MPV sales champion. YANGWANG and FANGCHENGBAO, both launched in 2023, received excellent market responses.

• Technological Innovations and Commitment to a Greener Future:

• BYD's Blade Battery has been a key factor in its growth, offering high energy density, long range, and enhanced safety features.

• The company is committed to leveraging technological innovations for a better life and contributing to a greener future by reducing global reliance on fossil fuels.

• Plans to expand in Europe with five models currently available and three more to be added in 2024, alongside the construction of a new production center in Hungary .

BYD's achievements in 2023, from surpassing Tesla in Q4 sales to expanding its international market presence and committing to technological innovations, underscore its significant role in advancing the global shift towards sustainable transportation.

3. Volkswagen Group

The Volkswagen Group made significant strides in the electric vehicle (EV) market in 2023, showcasing strong sales and an expanding portfolio of electric models. Here's a closer look at their achievements:

• Sales Performance and Market Expansion:

• Total Deliveries: An impressive 12% increase to 9.24 million vehicles in 2023, with the Volkswagen ID.4 model alone nearing 37,800 units sold.

• All-electric Vehicle (BEV) Deliveries: Saw a substantial 34.7% increase, reaching 771,100 vehicles.

• BEV Market Share: Rose to 8.3% of total deliveries, up from 6.9% in 2022.

• Segment Leaders and Regional Growth:

• Passenger Car Segment: SEAT/CUPRA led with a 34.6% increase.

• Truck Segment: MAN took the lead with a 37.1% increase.

• Regional Deliveries: Significant increases across Europe (19.7%), Western Europe (20.6%), Germany (15.1%), Central and Eastern Europe (13.9%), North America (17.9%), South America (9.4%), and Asia-Pacific (2.3%).

• Record-Breaking Achievements and Future Projections:

• Global BEV Sales Record: Set in both Q4 and the entirety of 2023.

• Increased Electric Vehicle Deliveries: 394,000 EVs delivered in 2023, marking a 21.1% increase from the previous year.

• Challenges and Adjustments: Despite having to cut EV production due to slowing demand and supply chain issues, Volkswagen expects the EV sales share to reach around 8% to 10% in 2023.

Volkswagen Group's performance in 2023 highlights its commitment to electrification and its ability to adapt to market challenges. With a new global BEV sales record and a significant increase in electric vehicle deliveries worldwide, Volkswagen is on track to continue its leadership in the EV market.

4. Geely-Volvo

Geely Holding Group, including its subsidiaries and associated brands such as Volvo, has made remarkable strides in the electric vehicle (EV) market in 2023. Let's delve into their achievements:

• Overall Sales Performance:

• The group's aggregate sales reached 2.79 million units, marking a 20% increase from the previous year.

• A significant portion of these sales, approximately 980,000 units or 35% of the group's total sales, were from electrified and clean alternative fuel vehicles, showcasing a substantial 51% growth.

• Brand-Specific Highlights:

• Geely Auto, Lynk & Co, and Zeekr: Geely Auto, along with its brands Lynk & Co and Zeekr, reported sales of 1.68 million units, an 18% year-on-year increase. Notably, Lynk & Co delivered 220,250 vehicles globally, a 22% increase, and Zeekr delivered over 100,000 units, a 65% increase from the previous year.

• Proton Cars and Lotus Cars: Proton Cars saw a 9.3% increase in sales, reaching 154,611 units. Lotus Cars experienced a staggering 1300% increase in sales, with more than 50% of these sales coming from electric models.

• Volvo Cars and Polestar: Volvo Cars continued its electric transformation, with fully electric vehicles accounting for 16% of all vehicles sold globally. Polestar, focusing on improving margins, delivered 54,600 cars in 2023.

• Market Share and Global BEV Positioning:

• In 2023, Geely-Volvo secured 6.8% of the global BEV market, up from 6% in 2022, effectively replacing SAIC as the fourth top OEM in the plug-in car segment.

• Volvo Cars alone sold 113,419 fully electric cars, marking a 70% increase compared to 2022 and representing 16% of its total global sales volume. This contributed to a 34% increase in Volvo's global electric market share.

The data underscores Geely-Volvo's significant role in advancing the electric vehicle industry, highlighting their commitment to innovation and sustainability. Their diverse portfolio, spanning luxury, mainstream, and performance EVs, alongside impressive sales growth and market share gains, positions them as a key player in the global shift towards electrification.

5. SAIC (incl. SAIC-GM-Wuling)

In 2023, SAIC (including SAIC-GM-Wuling) has made notable strides in the New Energy Vehicle (NEV) market, demonstrating significant sales achievements and setting ambitious targets for the future. Here's a detailed look at their performance and plans:

• 2023 Sales Performance:

• SAIC GM Wuling's NEV Sales: Achieved a total of 459,000 NEV sales in 2023, marking a slight increase to 457,848 units, which is a 3.6% rise from the previous year.

• SAIC Motor's NEV Sales: Impressively, SAIC Motor sold 1,122,908 NEVs in 2023, showcasing a 4.61% growth from the previous year. Notably, in December 2023 alone, NEV sales surged to 219,350 units, up by a staggering 53.16% over the previous year.

• Product Portfolio and Pricing:

• Vehicles are built on the Global Small Electric Vehicle (GSEV) architecture, including popular models like the Mini EV, KiWi EV, Nano EV, and Air EV.

• The pricing strategy is highly competitive, with NEV models starting at as low as RMB 32,800 ($4,570), making electric vehicles more accessible to a broader audience.

• Future Outlook and Global Expansion:

• Sales Targets: SAIC-GM-Wuling is ambitiously targeting sales of 700,000 NEVs in 2024 and aims to achieve annual NEV sales of 1 million units .

• Technology and Infrastructure Development: The company is focusing on core technologies such as batteries, motors, and electric controls. Plans are also in place to build an industrial park with an annual capacity of 20 GWh power battery systems and cells .

• Global Market Entry: Announced plans to enter the global market, initially focusing on Southeast Asia, the Middle East, and Indonesia, indicate SAIC-GM-Wuling's strategy to expand its footprint beyond China.

SAIC-GM-Wuling's achievements in 2023, from robust sales figures to strategic pricing and ambitious future targets, highlight its significant role in promoting electric mobility. By focusing on core technologies and global expansion, SAIC (including SAIC-GM-Wuling) is poised to continue its trajectory as a key player in the global shift towards sustainable transportation.

Market Trends Influencing Sales

The electric vehicle (EV) market has witnessed unprecedented growth, driven by a combination of factors that have influenced consumer preferences and sales trends in 2023:

Leading Brands: Tesla, Ford, General Motors, Hyundai/Kia, Volkswagen/Audi/Porsche, Nissan, BMW, Mercedes-Benz, Rivian, and Lucid have solidified their positions as top electric car brands in 2023.

Emerging Players: Fisker, VinFast, Canoo, and DeLorean are making notable entries with models like the Fisker Ocean, VinFast VF 8, Canoo Lifestyle Vehicle, and DeLorean Alpha5, adding variety and depth to the EV market.

Market Dynamics and Consumer Demand:

Growth and Demand: The industry is expanding with more brands and models available, propelled by increasing demand for cleaner energy alternatives. This surge is evidenced by a record 1.2 million EVs sold in the U.S. in 2023, capturing a 7.6% share of the total U.S. vehicle market.

Tesla's market share in the U.S. is experiencing a decline amidst the introduction of dozens of new EVs, indicating a more competitive market.

Pricing Trends: The average price paid for a new EV in December 2023 was $50,789, highlighting the premium nature of the market while also pointing towards a broadening price range accommodating more consumers.

Global Sales and Predictions:

Electric car sales globally reached 10 million in 2022, with China accounting for around 60% of these sales. The expectation for 2023 is 14 million in sales, representing a 35% year-on-year increase.

Regional Insights: Europe and the United States saw significant increases in electric car sales, contributing to the global growth. Europe's sales were over 15% higher in 2022 compared to the previous year, with more than one in every five cars sold being electric. The United States doubled its market share to 20% by the end of the decade.

Future Outlook: Under the IEA Stated Policies Scenario, the global outlook for the share of electric car sales based on existing policies and firm objectives is projected to increase to 35% in 2030, with China retaining its position as the largest market.Future Outlook and Predictions

Looking ahead, the electric vehicle (EV) landscape is poised for transformative growth and innovation. Here's what you can expect:

2024 and Beyond: The EV Market Expansion

• "The Year of More": Cox Automotive forecasts 2024 as a pivotal year, marked by an increase in new EV products, incentives, inventory, leasing options, and infrastructure. This expansion is anticipated to boost the EV market share to 10% in the U.S. alone.

• Global Sales Surge: EV sales are projected to skyrocket from 10.5 million units in 2022 to nearly 27 million by 2026, with the EV share of new passenger vehicle sales expected to jump from 14% to 30% in the same timeframe.

• Technological Advancements: Innovations, particularly in battery technologies, are expected to drive down the prices of electric passenger cars. As batteries constitute around 40% of an EV's total cost, this reduction is crucial for increasing sales.

The Road to Decarbonization

• Direct Electrification: Batteries emerge as the most efficient, cost-effective, and commercially viable route to decarbonizing road transport. This direct electrification is key to achieving net-zero emissions in the transport sector by 2050 .

• Investment in Infrastructure: To support the burgeoning EV market, significant investments are necessary across the battery supply chain. By the end of the decade, at least $188 billion is projected to be invested in battery cell and component plants.

Challenges and Opportunities

• Charging Infrastructure: Despite rapid growth, the EV charging station infrastructure remains unevenly distributed across the U.S., posing a barrier to adoption for many potential buyers. However, initiatives by major automakers and energy companies, including the establishment of a high-powered charging network featuring 30,000 chargers across North America, signal a concerted effort to address these challenges.

• Federal Tax Credits: Changes in eligibility requirements for federal tax credits for EVs in 2024 aim to make electric and hybrid vehicles more accessible. These adjustments, assessed on a per-vehicle basis, include income eligibility, thereby influencing buyer decisions.

The future of electric vehicles is not just about overcoming challenges but seizing the vast economic opportunities it presents. With the cumulative value of EV sales across all segments expected to hit staggering figures by 2050, the shift towards electrification is not only an environmental imperative but a significant economic boon.

Factors Influencing Charging Time

Understanding the factors that influence the charging time of electric vehicles (EVs) is crucial for optimizing the charging process and managing expectations. Here are the key elements to consider:

• Charger Level and Power Source:

• Level 1 Chargers: The slowest, operating on a standard household outlet, can take over 40 hours for a full charge.

• Level 2 Chargers: Faster, requiring professional installation, can range from a few hundred to over a thousand dollars. These can supply up to 11kWh depending on the amperage, significantly reducing charging time.

• Level 3 (DC Fast Chargers): The quickest, providing a full charge in as little as 30 minutes. However, not all EVs are compatible with this high-voltage direct current charging.

• EV Specifications and Environmental Factors:

• Battery Capacity and EV Charging Capacity: Larger batteries offer more range but take longer to charge. The EV's maximum charge rate is static, making it essential to consider when buying an EV. Optimal charging time can be calculated by dividing the battery capacity by the power rating of the EV's onboard charger, then adding 10% for power loss during charging.

• Temperature: Both cold and hot weather can affect charging times. Cold temperatures can increase charging time by 36% due to reduced battery efficiency, while hot weather can impact the EV's thermal management systems.

• Charging Practices:

• Top-Up Charging: Charging is most efficient when the battery is between 20% and 80% full. Charging beyond 80% slows down to prevent overcharging and maintain battery health.

• Battery Health: Over time, an EV battery's charging capacity diminishes. Manufacturers typically warranty batteries for up to eight years or 100,000 miles, but charging practices can impact longevity.

By considering these factors, EV owners can make more informed decisions about when and how to charge their vehicles efficiently, ensuring they maximize both the life of the battery and the convenience of using their EV.

Conclusion

As we encapsulate the insights from evaluating the world's top 5 EV brands by their remarkable strides in the market in 2023, it's evident that this year has been a transformative period for the electric vehicle industry. From Tesla's innovation-driven market dominance to BYD's staggering sales growth and Volkswagen's strategic electrification efforts, the landscape of EVs is diversifying at an unprecedented rate. The discourse surrounding the pros and cons of each brand, alongside the complexities of EV charging and transportation, offers a comprehensive understanding critical for potential buyers and enthusiasts aiming to navigate the evolving opportunities within the electric automotive space confidently.

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FAQs

Q: Which electric car brand sold the most vehicles in 2023?
A: The Tesla Model Y achieved the highest sales in 2023, with 1,211,601 vehicles registered. This impressive figure not only made it the leading model in the electric vehicle market but also in the overall new-car market. With a 57% increase from 771,000 units in 2022, the Tesla Model Y is anticipated to continue its market dominance into 2024.

Q: Which electric car model topped the sales charts in 2023?
A: The Tesla Model Y claimed the title of the best-selling electric car model in 2023, with 1.2 million registrations. This achievement reflects a significant 57% growth in sales compared to the previous year and underscores the Model Y's dominance in both the EV sector and the broader automotive market.

Q: Which company leads the electric vehicle industry?
A: The leading company in the electric vehicle industry is not specified in the provided information. However, based on sales figures, Tesla is implied to be a dominant player in the market.

Q: What is the top-selling vehicle globally in 2023?
A: In 2023, the Tesla Model Y is projected to become the world's best-selling vehicle, outperforming all other models in the majority of global markets.