The Israeli EV market in 2023 witnessed a remarkable expansion. Data from the Israel Automobile Importers Association disclosed a sale of 4,738 new cars in December 2023, contributing to a yearly figure of 270,023 units – a slight 0.7% uptick from the previous year. This period, characterized by a military conflict, undoubtedly influenced car sales.
Electric vehicles (EVs) emerged as a dominant force, comprising 17.9% of all new car sales in Israel. A total of 48,219 EVs were sold in 2023, a significant leap of 75% compared to 27,671 units in 2022. Chinese automakers BYD and Geely outshone competitors, securing top positions in Israel’s EV market.
BYD: A Trailblazer in Israel’s EV Market
BYD stood out as the leader in Israel’s EV segment, with 15,145 electric vehicles sold. The ATTO 3 model was a key driver of this success, contributing 14,244 units. This remarkable performance by BYD, a substantial jump from 3,710 vehicles sold previously, marked an increase of 308.2%.
Zhejiang Geely Holding Group
Geely’s Remarkable Presence
Geely, another leading Chinese manufacturer, clinched the second spot in Israel’s EV sales. The brand successfully sold 7,219 electric vehicles, primarily the Geometry C model, indicating the growing allure of Chinese EV brands in the Israeli sector.
Tesla and Other Contenders
Tesla clinched the third spot with 6,767 electric vehicle sales. Hyundai and MG weren’t far behind, occupying the fourth and fifth spots with 4,424 and 2,760 EVs sold, respectively.
Tax Reforms and Their Implications
The onset of 2024 saw Israel revising the electric vehicle purchase tax, escalating it from 20% to 35%. This change, coupled with a reduction in the exemption limit from 60,000 to 50,000 Israeli shekels, significantly affected electric vehicle pricing, impacting brands like BYD, Geely, and Tesla.
Chinese Brands Reshape Israel’s Auto Scene
2023 was a landmark year for Chinese automakers in Israel. BYD’s jump from fourth in 2022 to the leading spot in 2023 signified the rising preference for Chinese brands. Chery and Geely’s presence in the top 10 further highlighted the strong foothold of Chinese car manufacturers in Israel.
Chinese Dominance in EV Sales
Chinese brands decisively dominated Israel’s EV sector, accounting for 61% of EVs sold in 2023. This dominance reflects the advanced technology and appealing offerings of Chinese electric vehicle manufacturers in the global arena.
The automotive landscape in Israel in 2023, thus, marks a significant turn towards electric vehicles, with Chinese manufacturers playing a pivotal role in this transformation.
EV WORLD | BYD Overtakes Tesla: New King of EV Market Shakes Up Industry
