China drives global EV sales to another record high
In line with earlier trends, China contributed to nearly 70% of total EV sales in November, while Europe showed a slight year-on-year decline.
Global sales of fully electric and plug-in hybrid vehicles increased for a seventh consecutive month in November, up 32% year on year for a third consecutive record high, according to a Reuters report quoting data from market research firm Rho Motion.
In line with earlier trends, China led the growth, contributing to nearly 70% of total EV sales in November, while Europe showed a mild decline.
Global sales of EVs, whether fully electric or plug-in hybrids, were up 32.3% at 1.83 million in November.
Sales in China increased by 50% at 1.27 million vehicles.
In the US and Canada, EV sales were up 16.8% at 0.17 million. Europe showed sales of 0.28 million, down slightly from November 2023 but an increase of 7.7% from October 2024, Rho Motion data showed.
The rest of the world recorded flat sales compared to November 2023.
“China certainly is in line with expectations,” Rho Motion data manager Charles Lester told Reuters. “Penetration has been around about 50% for the last few months now.”
China’s leading EV manufacturer, BYD, is on track to surpass its target of selling four million vehicles this year, having delivered 3.76 million vehicles in the first 11 months. BYD’s sales are driven by a strong domestic market in China.
Chinese EVs, however, have very little access to the US market. President Joe Biden increased the levy on Chinese electric cars from 25% to 100% this year. Incoming President Donald Trump has promised to impose an additional levy of 10% on all imports from China. The EU and China are involved in their own trade war over EVs.
Though the EV market in Europe and North America is going through a challenging time, a new study published by the Global EV Alliance shows that a vast majority of EV owners are confident about the new tech.
The study, which compiled responses from 23,000 EV owners in 18 countries (including the US, Brazil, and major European markets) found that 92% of respondents said they would stick to electric cars for their next car purchase.
