Global EV sales up 35% in October, propelled by China
Sales of EVs, including fully electric and plug-in hybrids, reached 1.72 million worldwide in October, research firm Rho Motion’s data showed, with sales in China hitting 1.2 million vehicles.
Global sales of fully electric and plug-in hybrid vehicles increased 35% in October compared to the same month in 2023, driven by a 54% hike in sales in China, according to market research firm Rho Motion.
However, it was a mixed bag for different regions of the world.
European sales were up just 0.8% but rose in annual terms for the second straight month. Rho Motion expects 2024 to end on a good note in the region, Reuters reported.
Sales of EVs, including fully electric and plug-in hybrids, reached 1.72 million vehicles worldwide in October, the firm’s data showed, with sales in China hitting a record high 1.2 million vehicles.
In the US and Canada, EV sales rose 11.4% to 0.16 million. In Europe, they touched 0.26 million, slightly higher than last year but down 14% from September.
In the rest of the world, sales were up by 10.9%.
“The Chinese EV market shows no signs of slowing down as it enters the final two strong automotive sales months of the year,” Rho Motion said in a statement.
EU’s auto sector is facing multiple headwinds, such as high production costs, the painful transition to EVs, and stiff competition from lower-cost Chinese EVs.
Volkswagen, Europe’s biggest carmaker, recently announced plans to shut a few of its factories in Germany.
EU and China have been drawn into a trade spat after new EU tariffs on Chinese-built EVs of up to 45.3% came into effect following a year-long investigation. China has told its carmakers to pause major investment in European countries that backed the additional tariffs.
Europe accounted for over 40% of EVs shipped from China in 2023.
