Global EV Sales Reach Record High for Third Consecutive Month

Image Credit: Reuters

Global sales of fully electric and plug-in hybrid vehicles continued their upward trend in November, marking a seventh consecutive month of growth with a 32% year-on-year increase, setting a third consecutive record, according to market research firm Rho Motion.

China remained the dominant force in sales growth, making up nearly 70% of total EV sales during the month, while Europe saw a slight decline in registrations.

This surge in demand and production, particularly in China, is reshaping the electric vehicle market. While China benefits from lower production costs and government incentives, Europe faces challenges such as rising competition, high production expenses, new emissions regulations, and the removal of incentives in some countries.

Automakers in both Europe and the U.S. have raised concerns about the impact of trade tensions, CO2 rules, and these shifting incentives on vehicle prices and jobs.

According to Rho Motion's data, global sales of EVs, including both fully electric and plug-in hybrid vehicles, reached 1.83 million in November, a 32.3% increase. Sales in China saw a 50% jump, totaling 1.27 million vehicles. In the U.S. and Canada, sales rose by 16.8% to 170,000, while Europe’s sales dropped slightly year-on-year but rose by 7.7% compared to October, totaling 280,000 vehicles. Sales in other regions remained stable compared to November 2023.

Charles Lester, Rho Motion’s data manager, noted that China's performance was in line with expectations, with government incentives continuing to drive EV sales. He also highlighted that EV penetration in China has consistently been around 50% in recent months.

In China, total car sales grew by 16.6%, the highest increase since January, with local automaker BYD on track to surpass its global sales target and potentially overtake Ford and Honda.

Paraphrasing text from "Reuters" all rights reserved by the original author.