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<\/a><\/p>\nHowever, Tesla’s Model Y was the best-selling EV globally, followed by the BYD Song.<\/p>\n
BYD and Wuling had seven of the ten best-selling EV models in Q4 2022, highlighting China’s EV adoption.<\/p>\n
“This year, the US EV sales will see a boost<\/a> as models become slightly more affordable due to the $7,500 tax credit. The end of the purchase subsidy in China might push EV manufacturers to increase their prices… But these price hikes are unlikely to affect EV sales in one of the most matured EV markets.” senior analyst Soumen Mandal said.<\/p>\n Lithium prices are also expected to decline in the second half of 2023, benefiting EVs.<\/p>\n South Africa’s EV Market\u00a0<\/strong><\/p>\n South Africa’s electric vehicle market had a solid start to 2022<\/a>.<\/p>\n “In the first three months of 2022, South Africa sold over 1,400 electric vehicles. This is more than 2020 and 2021 combined,” said the chief executive of\u00a0 MasterDrive, Eugene Herbert.<\/p>\n Despite the positive sales, Herbert warned that there are several challenges facing EV adoption in South Africa.<\/p>\n South Africa faces an energy crisis and lacks charging points along long-distance roads, with many South African motorists concerned that EVs cannot make long-distance trips.<\/p>\n Moreover, EVs are incredibly expensive, with the cheapest model – the Mini Cooper SE – having an asking price of R742,000.<\/p>\n<\/a>Counterpoint said EVs are expected to reach nearly 17 million units in 2023.<\/p>\n