①Global electric vehicle sales increased by 23% year-on-year in October to reach 1.9 million units, mainly driven by strong demand in Europe and China; ③North American market sales plummeted 41% year-on-year in October to 100,300 units due to the expiration of tax incentives; ③It is expected that policy adjustments in the Chinese market will lead to a peak in electric vehicle consumption in November and December.
On Wednesday this week, market research firm Rho Motion released data showing that global electric vehicle sales (including battery electric vehicles and plug-in hybrid vehicles) grew by 23% year-on-year in October to reach 1.9 million units. This growth was primarily driven by robust demand across all major global markets, except for North America.
Electric vehicle sales in the European market experienced a particularly significant year-on-year increase, surging by 36% to 372,700 units, with strong demand from Germany, France, and the UK. However, following several months of record highs, overall sales in Europe declined compared to previous months.
Electric vehicle sales in China steadily increased to approximately 1.3 million units in October, maintaining its status as the world's largest automotive market—China accounts for nearly half of global electric vehicle sales.
Charles Lester, a data manager at Rho Motion, stated that the price gap between electric vehicles and internal combustion engine vehicles in China is much smaller than in Europe or North America, which is a key driver behind China’s continued leadership in electric vehicle sales.
Lester added that monthly sales data in the North American market showed a significant negative growth in October.
This was mainly due to the expiration of the US $7,500 electric vehicle tax credit on September 30, which prompted consumers to rush purchases in August and September. As a result, electric vehicle sales in October sharply declined after hitting a record high in September—North American electric vehicle sales fell 41% year-on-year in October to 100,300 units, with major automakers experiencing a substantial drop in their electric vehicle sales.
In other regional markets, electric vehicle sales increased by 37% year-on-year to 141,300 units.
Year-end performance in Europe and China is highly anticipated.
Lester said, 'In Europe, overall sales growth so far this year remains relatively high, and we anticipate a strong finish to the year.'
Leicester also predicted that, driven by the upcoming adjustment to the vehicle purchase tax incentives and the traditional year-end sales peak season, China's new energy vehicle market is set to welcome a new wave of consumer demand.
According to an announcement from relevant authorities, starting January 1 next year, the purchase tax for new energy vehicles in China will be adjusted from full exemption to a 50% reduction.
Therefore, Leicester forecasted: 'China’s auto market is expected to show strong growth in November and December, as consumers may accelerate their purchases of electric vehicles to take advantage of the full tax exemption policy.'
Editor/Doris
