Energy News Monitoring

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The expansion of electric vehicles (including plug-in hybrids) into the global consumer market is gaining momentum. For the first time, this trend took shape most clearly in 2021, when the share of electric vehicles sold in the total number of passenger vehicles sold in the world amounted to 9%. In 2022, their number was already 14%, and last year it reached 18% (sales growth compared to the previous year increased to 35%). According to the International Energy Agency, the largest contribution to this process was made by China, where the share of electric vehicles sold in 2023 was 38%. For comparison, in the countries of the European Union this share was 22%, in the USA – 10%. The leaders in this race were Norway - 93% and Sweden - 60%. In the UK and Germany this figure was 24% each.

It should also be noted that the number of fossil fuel-powered vehicles sold worldwide declined steadily between 2018 and 2022. Last year there was a stabilization, when about 63 million cars were sold, which is slightly more than the previous year. Sales of electric vehicles amounted to 13.8 million, and sales growth has continued continuously since the appearance of electric vehicles on the market, accompanied by professional statistical accounting.

Quarterly sales of electric vehicles by region during 2021-2024Q1


Based on International Energy Agency. Global EV Outlook 2024. Licence CC BY 4.0

BloombergNEF predicts a significant decline in electric vehicle sales activity to 16.7 million in 2024, i.e. with an increase of “only” 22%. BloombergNEF expects about 10 million of these sales to be in China. Significant compensation here could come from the expected growth in sales of electric trucks, especially in terms of fuel consumption and reduction in greenhouse gas emissions. In this segment, BloombergNEF predicts 100% sales growth up to 1 million units.

According to most experts, the top ten electric vehicle manufacturers include Chinese, German and South Korean companies. However, the leader is still the American Tesla with a market share of almost 20%. Despite the fact that the Chinese BYD in 2023Q4 overtook Tesla in terms of the volume of electric cars sold, at the end of the year, Tesla still remained the leader. According to BloombergNEF, fierce competition between Tesla and BYD will continue in 2024 and 2025, however, Tesla will then again maintain a convincing lead.

Below we present the results of financial statements for Tesla and China's Li Auto, which demonstrate unique indicators.

Tesla

Tesla is one of the largest automobile companies in the world with a capitalization of more than $800 billion. The company currently produces the following BEV models - Model S, Model X, Model Y and Model 3, and has also begun deliveries of its most futuristic model, the Cybertruck.

At the end of 2023, the company's Total revenues amounted to $96,773 in millions, including income from Energy generation and storage revenue, as well as Services. Total automotive revenues were at $82,419 in millions.


Black electric car is being charged at station. KQ86DAR9TU. Envato Elements

Annual net income attributable to common stockholders (GAAP) reached a record $14,997 million, up 19% from a year earlier. In just one year, Tesla produced 1,845,985 electric vehicles, including 1,775,159 flagship Model 3/Y.

Tesla Company. Revenue, net income and share price


Source: Tesla

In 2023Q4, Tesla demonstrated an absolutely record Net income attributable to common stockholders (GAAP) of $7,928 in millions, which was +115% compared to the same quarter last year.

Li Auto

China's Li Auto Inc. (Li Xiang) specializes in the production of premium PHEVs with extended range. The company's products are presented mainly in the domestic Chinese market. The company's current lineup of electric vehicles includes the Li L9, a flagship six-seat family SUV, the Li L8, a six-seat premium family SUV, and the Li L7, a five-seat flagship family SUV.


Li L7. Aenert photos

In addition, in 2023 the company released the minivan Mega One. In 2024, Li Auto plans to begin deliveries of the new Li L6 model. The company's share price has been rising throughout the past year.

Li Auto Inc. Revenue, net income and share price


Source: Li Auto Inc.

In 2023, Li Auto delivered 376,030 hybrid electric vehicles to the market, including 131,805 in the fourth quarter of last year. Auto sales in the fourth quarter of 2023 were $5.752 billion, up 104.5% from the previous quarter. After a loss-making year in 2022, the company has entered a pattern of sustained quarterly profit growth.

Judging by the forecasts presented above, 2023 has become the most profitable year for electric vehicle manufacturers. There is a noticeable decline ahead, which, however, is expected to be short-lived. Although, of course, for some companies this can be a deadly period.

By the Editorial Board