Global car sales hits 86 million vehicles in 2023

Alix Partners, a consulting firm, reports that the global automotive market saw sales of 86 million vehicles last year, marking a 9% increase from 2022. Despite this growth, the market has yet to fully recover to pre-crisis levels. Projections indicate that in 2025 annual sales will reach 90 million, 29% of which being EVs. Europe saw significant growth in 2023 with 17.5 million vehicles, representing a 17% increase. Sales in the US rose by 12% to 15.6 million cars. However, China remains the growth engine of global car sales, with 25.3 million vehicles sold compared to 24.8 million in 2019, the latest record.