October Sees Global EV Sales Surge To Record Heights With China Leading The Charge
With Over 1.7 Million EVs Sold In October, China Leads The Charge, While North America Sees Steady Growth
Global electric vehicle (EV) sales reached unprecedented heights in October, with over 1.7 million electric and plug-in hybrid vehicles (PHEVs) sold worldwide, surpassing September’s record by 50,000 units.
China’s Dominance in the Global Market
As this milestone marks the second consecutive month of record-breaking sales, China continues to dominate the global EV landscape, accounting for 1.2 million units sold in October alone—a 6% increase from September and a remarkable 50% jump compared to October 2023. The Chinese market has shown exceptional growth in 2024, with year-to-date sales reaching 8.4 million units, representing a 38% increase over the previous year.
“The global EV market is now picking back up again, hitting record sales for the second month in a row,” stated Charles Lester, Rho Motion Data Manager. “Most of the growth is coming from China and Western manufacturers are clearly feeling threatened by this.”
North America’s Steady Growth
The regional landscape of EV sales shows varying degrees of success across different markets. In North America, the EV market continues to maintain steady growth. The United States (U.S.) and Canada have recorded a total of 1.4 million EV sales year-to-date, reflecting a 9% increase over 2023. American consumers have benefited significantly from IRA funding incentives, saving over $2 billion in upfront costs on more than 300,000 clean vehicle purchases since January 2024.
Mixed Results in European Markets
Meanwhile, European markets present a more mixed picture. In October, EV sales reached 260,000 units, marking a 1% increase year-over-year. However, this represents a 14% decline compared to September. Year-to-date sales in the EU, EFTA, and United Kingdom (UK) region are down 3% compared to 2023.
Despite these overall trends, there are notable variations between individual markets. Denmark leads the region with an impressive 31% year-to-date increase in EV sales. The UK also posts a solid 14% growth, and Portugal shows an 11% increase. In contrast, Germany, despite recent monthly improvements, remains down 18% year-to-date.
Response to European Challenges
The challenging European market has prompted significant industry adjustments. Volkswagen announced plans to close three German plants and scale back cell production. Meanwhile, BYD achieved record monthly sales exceeding 500,000 units in October, including about 30,000 exports.
Furthermore, the rest of the world continues to embrace electric mobility, with markets outside the major regions recording 1 million EV sales year-to-date, marking a robust 27% increase over the previous year.
Strong Global Year-to-Date EV Sales
Global year-to-date figures show the EV market’s overall health, with total sales reaching 13.3 million units, representing a 24% increase over the same period in 2023. Despite regional fluctuations and challenges, these numbers suggest that the global transition to EVs maintains strong momentum, particularly in China and emerging markets.
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