Global EV Sales Surge 23% in October
Europe Leads Growth Amid Strong Demand in Germany, France, and the UK
Global sales of fully electric and plug-in hybrid vehicles rose by 23% in October to 1.9 million units, fuelled by robust demand across key markets, according to Reuters, citing market research firm Rho Motion on Wednesday.
Sales of battery-electric vehicles and plug-in hybrids climbed to 1.9 million units in October, marking a 23% year-on-year increase, Rho Motion data revealed.
China led the charge with approximately 1.3 million vehicles sold. European sales soared by 36% to 372,786 units, while North American sales slumped by 41% to 100,370. Sales in other regions surged by 37% to 141,368 vehicles.
Europe emerged as the fastest-growing region for electric vehicles, driven by heightened demand in Germany, France, and the United Kingdom.
However, overall global sales moderated following a peak month, even as the European Union approved additional battery production projects.
China, the world’s largest automotive market, accounts for more than half of global EV sales, which in Rho Motion’s data encompass both battery-electric vehicles and plug-in hybrids.
“The price parity between electric and ICE vehicles in China is a lot closer when compared with the European or the North American markets,” said Rho Motion data manager Charles Lester.
North America weighed down the monthly figures, with EV sales plunging 41% after record highs in August and September. The decline followed the expiration of a $7,500 tax credit, Lester noted.
Battery-electric vehicles remain significantly more expensive than comparable internal combustion engine models in the United States, contributing to the sharp drop in October sales among major automakers.
“In Europe, the overall year-to-date growth figure remains relatively high and we’re expecting strong sales towards the end of the year,” Lester said.
He added that “Chinese automotive market is expected to show strong growth in November and December, helped by pull pull-forward effect as the country is moving from a full purchase tax exemption to just a 50% exemption on NEVs,”.
