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Chinese car companies BYD and Geely Lead Israeli Electric Vehicle Sales in 2023

4,738 new cars were sold in Israel in December 2023, according to the Israel Automobile Importers Association. The annual tally for 2023, totaling 270,023 units, saw a modest 0.7% increase compared to the previous year. A significant factor influencing these sales figures was the military conflict in Israel during the latter half of the year, impacting car sales.

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Electric vehicles notably marked a robust presence, accounting for approximately 17.9% of total new car sales in Israel. In 2023, 48,219 new electric vehicles were sold, scoring an impressive 75% increase from the 27,671 units sold in 2022. Chinese automakers BYD and Geely secured the top positions in the Israeli EV market.

BYD Takes the Lead:

BYD emerged as the frontrunner, securing the first position in Israel’s EV sales for 2023, with 15,145 electric vehicles sold. The ATTO 3 model from BYD contributed significantly to this achievement, with 14,244 units sold. BYD’s remarkable performance in 2023 represented a substantial growth compared to the 3,710 vehicles sold in the previous year, marking an increase of 308.2%.

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Geely Secures Second Place:

Geely, another prominent Chinese automaker, claimed second in Israel’s EV sales, with deliveries totaling 7,219 electric vehicles. These units were from the Geometry C model. Geely’s performance underscores the increasing popularity of Chinese EV brands in the Israeli market.

Other Key Players:

Tesla secured the third position with sales of 6,767 electric vehicles, while Hyundai and MG claimed the fourth and fifth positions with 4,424 and 2,760 EVs sold, respectively.

Impact of Tax Rate Increase:

In January 2024, Israel implemented a notable increase in the electric vehicle purchase tax rate, raising it from 20% to 35%. The upper limit of the exemption was simultaneously lowered from 60,000 Israeli shekels to 50,000 Israeli shekels. This tax rate adjustment directly impacted the pricing of electric vehicles from BYD, Geely, and Tesla, resulting in increased product prices.

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Chinese Brands on the Rise:

Chinese automakers, particularly BYD and Geely, have made remarkable strides in Israel’s automotive market. BYD’s surge from fourth place in 2022 to the top in 2023 indicates the growing acceptance of Chinese brands. Chery and Geely also secured positions in the top 10, marking a significant presence for Chinese car manufacturers in Israel.

Dominance in the EV Sector:

Chinese brands have notably dominated the electric vehicle sector in Israel, accounting for a substantial 61% of EVs sold in 2023. This dominance underscores Chinese electric vehicle manufacturers’ technological advancements and competitive offerings in the global market.

Source: cartube.co.il

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