Big Tech Backs Nuclear Expansion: Pledges to Triple Global Capacity by 2050
Major EV Companies Of China Saw Rise In Sales Of EVs in May 2023
By Indu Tyagi Ketan , 23 June, 2023
The electric vehicles (EV) market is booming as EV producers have seen a rise in demand in 2023. The auto industry is witnessing an expansion in the global sales of the overall electric car market share of up to one-fifth. China's EV market is progressing as sales have risen since May 2023.
Based on a survey, revenue to be collected in the battery electric vehicles is expected to be USD 192.2 billion, and the volume-weighted average price for the battery electric vehicles segment will also increase in 2023. China is expected to generate most of the revenue, the market is anticipated to reach USD 192,200 million in 2023. Thus, the electric market of China in 2023 will be USD 292.10 billion, as per the survey reports.According to the executive director of the International Energy Agency (IEA), the electric vehicles sector is rapidly growing and enhancing the global energy economy, bringing about a new change in the car manufacturing industry. The rise in demand for electric vehicles is directly proportional to oil demand worldwide. Thus, the increase in EVs will reduce oil usage by at least 5 barrels a day by 2030. The growing market of electric vehicles is concentrated in China, Europe, and the United States, and China is the largest center for EVs 60 percent of the total electric car sales globally is happening there, followed by Europe and the United States, bringing the second and third largest markets, respectively.
The major EV companies in China saw a great deal of EV sales in May 2023, but the case was different with NIO to have faced a decline in sales of EVs with 8 percent down from April; the company delivered only 6,155 vehicles. Also, Tesla's Shanghai gigafactory manufactured up to 75,842 Model 3 and Model Y's in May 2023.
Global BEV & PHEV Sales ('000s)
Latest News
Big Tech Backs Nuclear Expansion: Pledges to Triple Global Capacity by 2050
Leading technology giants Amazon, Google, and Meta have teamed up with other big energy users in a historic action at the CERAWeek 2025 energy conference in Houston to promote an ambitious initiative: doubling world nuclear power capacity by 2025…
China’s Refining Industry Sees 2.1% Growth in Early 2025 Amid Rising Fuel Demand and Geopolitical Shifts
China's refining sector showed resilience and adaptability in the first months of 2025, raising crude oil throughput by 2.1 percent over the year before. According to the National Bureau of Statistics, this increase resulted in a processing volume of…
Elsevier Unveils ScienceDirect AI in 2025 to Revolutionize Research Efficiency
In March 2025, Elsevier launched ScienceDirect AI, a world-renowned leader in science and health information science. This state-of-the-art generative AI tool can potentially transform the industry with its revolutionary advances in research. This…
EV Revolution: Battery Prices Drop Below USD 100/kWh Amid China's Dominance of the Market in 2025
The global electric vehicle (EV) industry has reached a pivotal milestone. The average price of lithium-ion battery packs has dropped below the USD 100 per kilowatt-hour (kWh) threshold, a benchmark long considered critical for achieving price parity…
China Accelerates Push for Domestic EV Chips Amid Global Trade Tensions in 2025
In 2025, China will focus on self-sufficiency in high-tech industries by further integrating domestically produced semiconductor chips into the country\'s electric vehicle (EV) industry. By doing so, China aims to reduce reliance on foreign…
Indu Tyagi Ketan
Chief Strategy Officer
Latest News
China’s Refining Industry Sees 2.1% Growth in Early 2025 Amid Rising Fuel Demand and Geopolitical Shifts
Elsevier Unveils ScienceDirect AI in 2025 to Revolutionize Research Efficiency
EV Revolution: Battery Prices Drop Below USD 100/kWh Amid China's Dominance of the Market in 2025
China Accelerates Push for Domestic EV Chips Amid Global Trade Tensions in 2025
