Global EV sales continued building momentum last month despite claims of a cooling market. Sales of electric vehicles grew by double digits in the top markets globally. China, the world’s largest EV market, continues to break sales records despite ending subsidies.
According to market research firm Rho Motion (via Reuters), EV sales grew 29% year-to-date in China in October.
“What’s notable about October’s figures is that EV demand in China continues to reach record highs even though the subsidies were cut,” the company said in a statement.
The growth comes amid China ending an 11-year subsidy for EV buyers last year. Despite this, Rho Motion claims, “2023 is set to be another banner year for China in terms of EV sales.”
Leading Chinese EV maker BYD has continued building momentum this year. The company came within a few thousand of surpassing Tesla as the world’s largest EV maker in the third quarter.
BYD sold a record 151,193 all-electric vehicles in September, for a total of 431,603 in Q3. Meanwhile, Tesla delivered 435,059 EVs in the quarter as it aims to reach its goal of 1.8 million this year.
Like Tesla, BYD has aggressively cut prices this year to drive out a flurry of new competitors and stimulate demand.
Despite the lower prices, BYD posted a record $1.42 billion in third-quarter profits. The company’s gross margins reached 22.12%, its highest in three years.
BYD Atto 3 (Source: BYD)
So, is EV adoption slowing, as many are claiming? The data suggests otherwise…
Is EV sales momentum really slowing?
Despite claims that demand for EVs is cooling, the global electric vehicle market grew 34% year-to-date last month.
The top auto markets had double-digit EV sales growth. Outside of China, EV sales grew 26% in European markets, where subsidies were also cut recently.
Several automakers, including Volkswagen and Mercedes-Benz, have warned that higher interest rates and inflation are turning customers away. Volkswagen’s CFO Arno Antiliz said EV orders were down to 150,000 in Q3, 50% lower than last year.
2023 Volkswagen ID.4 (Source: VW)
In response, Volkswagen has cut production of several EV models in Germany, including the ID.4, ID.7, and Audi Q4 e-tron.
Meanwhile, Chinese automakers, including BYD, are expanding in Europe with affordable EV models like the Dolphin hatchback.
EV sales in North America are up 78% so far this year. “The North American market continues to have a strong 2023, with Tesla still taking the lion’s share of demand as legacy automakers temper ambitions of scaling production,” Rho Motion said.
US electric vehicle market
According to recent Cox Automotive data, US EV sales surpassed 300,000 for the first time in Q3. EV sales in the US have now grown for 13 straight quarters.
EV sales accounted for 7.9% of total US auto sales in Q3 with Tesla remaining on top. Tesla accounted for 50% market share, down from 62% in the first quarter. With the highly-awaited Cybertruck launching, momentum is expected to continue.
Q3 2023 US sales
Q3 2022
YOY
Q3 Market Share
Audi
7,538
3,891
93.7%
2.4%
BMW
13,079
4,365
199.6%
4.2%
BrightDrop
35
–
0%
0%
Cadillac
3,018
36
0%
1%
Chevrolet
15,872
14,709
7.9%
5.1%
Ford
20,962
18,257
14.8%
6.7%
Genesis
1,802
888
102.9%
0.6%
GMC
1,167
411
183.9%
0.4%
Fisker
997
–
0%
0.3%
Hyundai
19,630
5,824
237.1%
6.3%
Jaguar
86
22
290.9%
0%
Kia
9,325
5,583
67%
3%
Lexus
1,394
–
0%
0.4%
Lucid
1,618
654
147.4%
0.5%
Mazda
34
8
325%
0%
Mercedes
10,423
2,717
283.6%
3.3%
Mini
516
1,105
-53.3%
0.2%
Nissan
6,074
1,276
376%
1.9%
Polestar
3,710
2,852
30.1%
1.2%
Porsche
2,050
1,325
54.7%
0.7%
Rivian
15,564
6,884
126.1%
5%
Subaru
2,791
–
0%
0.9%
Tesla
156,621
131,024
19.5%
50%
Toyota
2,827
–
0%
0.9%
VinFast
1,159
–
0%
0.4%
Volvo
4,087
542
654.1%
1.3%
Volkswagen
10,707
6,657
60-.8%
3.4%
US electric vehicles sales Q3 (Source: Cox Automotive)
Despite this, with new EV models hitting the market, Tesla’s share of the market is bound to slip. Overseas competitors including Mercedes-Benz, Volvo, and Hyundai are seeing momentum picking up.
Although Ford (20,962) and GM (20,092) sold more EVs, Mercedes topped the American automakers in sales share. Electric vehicles accounted for 15% of Mercedes total US sales, while GM and Ford were around 3% to 4%.
Hyundai IONIQ 5 (left) and IONIQ 6 (right) at Tesla Supercharger (Source: Hyundai)
The growth comes amid delays from top American automakers including Ford and GM on key EV targets.
GM announced it was delaying production of the Equinox, Silverado RST, and GMC Sierra Denalli EVs to protect pricing.
Ford revealed it was pushing back its 600,000 run rate goal until next year. It’s also scapping plans to build one of Europe’s largest EV battery plants with LG Energy Solutions.
Electrek’s Take
So, is EV sales momentum really slowing? Top legacy automakers including Ford, GM, and Volkswagen are warning that the pace of EV adoption is slowing.
Others, including Hyundai and Volvo, expect the momentum to continue with new, advanced models launching next year.
Rivian, an EV startup, raised its production target after crushing Q3 expectations. The company delivered an impressive 15,564 vehicles in the third quarter, more than double last year’s figures.
The fears of slowing demand are over higher interest rates, which could cut into consumer budgets. However, as many EV makers are proving, electric cars are still selling.
Automaker’s that put the early effort in, like Tesla, Rivian, Volvo, and others are seeing the returns.
EV adoption will continue climbing year-over-year despite near-term concerns. The companies doubling down now, will continue reaping the rewards as the industry transitions.
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Bodo G-Wagon electric golf cart; via Mecum Auctions.
With a fully-enclosed, G-Wagen-inspired body and an 80 mile electric range, the Bodo G-Wagon golf cart is the NEV you need when you decide it’s time to get serous one-upping the rest of the Palm Beach country clubbers.
The shiny black 2024 Bodo G-Wagon sold at Mecum Auctions last month for $31,900, which seems like it might not be a lot of money to the sort of person who decides to take a flyer on a goofy, limited-use EV that ships with real, metal doors, power windows, heating and air conditioning, fully digital instrument cluster and infotainment, and a “posh,” caramel leather interior.
It even has windshield wipers, power steering, and a rear-seat entertainment system that’s built into the front headrests!
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It’s really nice in there
Under the hood, the Bodo packs a 15 kW (20 hp) electric motor drawing power from a 10 kWh li-ion battery that won’t deliver a scorching 0-60 mph time (it only goes 35), but will deliver you and your buddies from one end of any golf course in North America and back several times over, thanks to the G-Wagon’s 80 mile range.
The official Mecum Auctions listing goes into a bit more detail, and I’ve included it here, in case it gets deleted after a while and you’re just finding this for the first time in 2027:
Be the envy of any country club or golf community showing up with this 2024 Bodo G-Wagon Golf Cart. Perhaps more appropriately known as an E-Wagon, this baby G-Wagon is powered by a 15kW motor with a 10kWh lithium battery. Boasting an 80-mile range and a 35 MPH top speed, the Bodo is an enclosed, luxury golf cart that pampers occupants with heating and air conditioning, rear-seat entertainment, power windows, power locks and a posh, caramel-colored interior. With the Bodo fitted with power steering and 4-wheel power disc brakes with brake boost, drivers will think they’re in a full-size G-Wagon, thanks to the multiscreen entertainment cluster, the rearview camera, windshield wipers, turn signals, running lights and so much more.
Finished in black with the right amount of brightwork, the overall vibe is one of jaw-dropping, smile-inducing fun. While the Bodo would be an excellent choice for any golf community, it should also prove to be hugely popular around a race track or car condo community as well, or maybe even a neighborhood with its own airplane runways. Over the past decade in particular, the demand for unique, luxury golf carts has been on the rise, and understandably so. The number of luxury communities with specific interests in sports, aero and auto has also been on the rise, with people buying homes in these exclusive locations to better engage with like-minded people. All too often a golf cart is the perfect way to get around these gated neighborhoods, and this one is enclosed, comes with the amenities of a full-size car and is infinitely more stylish.
You can check out a few more photos of the 2024 Bodo G-Wagon golf cart that sold at Mecum, below – and if you want one for yourself, you’re in luck! I found this brand-new 2025 “G600 E-Wagon” (in white) for $23,900 at Gulf Carts in Santa Rosa Beach, Florida. Head on down to the comments and let us know if you buy it.
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The Hyundai IONIQ 5 got a raft of upgrades and sporty, rally-focused XRT trim level for 2025 – but the biggest upgrade for the Made in America Hyundai might be this: the 5 has regained eligibility for the full $7,500 federal EV tax credit!
Despite being assembled at Hyundai’s Georgia meta plant for the last four month, the 2025 Hyundai IONIQ 5 was nowhere to be found on the EPA’s list of rebate-eligible vehicles. But that was then – with a fresh updated to the list coming online May 1st, Hyundai’s new-age electric hot hatch is back in the rebate game.
As if to celebrate, Hyundai announced that it was taking on the celebrate One Lap of America road rayy and race event in a factory collaboration with the track-focused enthusiasts at Grassroots Motorsports this week with One Lap veterans Andy Hollis and Tom Suddard campaigning a stock, 601 hp 2025 Hyundai IONIQ 5 N in the Alternative Fuels class.
“After winning our class in a gutted, caged race car last year, we wanted to compete in the best-of-all worlds this year: A vehicle that’s incredibly fast, incredibly comfortable on a road trip, and incredibly capable on a racetrack,” explains Suddard. “Electrification means it’s finally possible to have huge power without huge compromises in a street car, and the IONIQ 5 N promises to pair that huge power with the durability and capability to survive a week of racing.”
One Lap is widely regarded as one of the toughest street-legal motorsports events in the world, pitting amateur and professional drivers alike compete in stock and heavily modified vehicles of every description, battling it out in a series of scored challenges, including timed events at road courses, drag strips, skid pads, and autocross courses.
In between tracks, competitors safely travel thousands of miles around the country, proving the mettle and durability of the vehicles and the teams that drive them. This year, 86 teams from all over the country will compete in 17 scored events over the course of eight days at tracks like Virginia International Raceway and NCM Motorsports Park.
The Tire Rack One Lap of America is currently underway – you can track the Hyundai’s progress here, then let us know what you think of this new tax development in the comments.
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With the launch of the first-ever Class 8 vocational EV in the North American market, PACCAR Kenworth is raising the battery-electric bar and underscoring just how far the market has come since the Tesla Semi made its debut nearly a decade ago.
When Tesla pulled the wraps off its all electric Semi truck all the way back in November of 2017, the rest of the industry was hardly thinking about BEVs. Nearly a decade later, the world is still waiting for the Semi to begin regular production, and PACCAR is launching its second generation of HDEVs with the debut of this, the all-new Kenworth T880E vocational truck.
“The Kenworth T880E marks a groundbreaking milestone in Kenworth’s history as we bring to market the first Class 8 battery-electric solution built for vocational applications,” explains Kevin Haygood, Kenworth assistant general manager for sales and marketing. “The T880E is engineered to meet the evolving needs of operators and vocational fleets while still providing the durability, reliability and customization our customers expect.”
The new electric K-whopper is motivated by PACCAR’s in-house ePowertrain platform, capable of putting up to 605 hp and 1,850 lb-ft of peak torque to work, while delivering the same levels of drivability and dependability fleets expect from a Kenworth – but power and torque are only part of the T880E’s work-ready résumé.
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Open to work
Kenworth T880E; via PACCAR.
In addition to a stout, Class 8 electric chassis fitted with heavy-duty Kenworth brakes and axles, the T880E’s central drive eMotor allows for significant wheelbase flexibility so fleet buyers can spec out exactly the machine they need to get the job done. The T880E was also designed to enable lift axle installations from trusted Kenworth upfitters for a vocational-friendly BEV integration.
Additionally, the T880E features a wide selection of factory-installed options that include both high- and low-voltage ePTO (electric Power Take Off) ports, mechanical ePTOs, and the same wide array of body configurations as the ICE version.
Speaking of the ICE version, the electric T880E also can also be had in the same set-back front axle and set-forward front axle configurations with the same multi-piece hood construction. Inside the cab, the latest in driver-focused technology includes the Kenworth SmartWheel and a new 15″ DriverConnect digital touchscreen. Dash and vocational features like RAM Mounts and factory-installed PTO switches are available. The T880E is also offered with Kenworth ADAS packages for customers interested in DigitalVision Mirrors, Bendix Fusion, and Lane Keeping Assist.
It’s so big, you guys
Kenworth T880E; photo by the author.
The T880E was on static display at last week’s ACT Expo in Anaheim, California. Check with your local Kenworth dealer for availability.
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