In a remarkable display of growth and transformation, the global electric vehicle (EV) market has achieved its third consecutive record-breaking month, with November 2024 showcasing exceptional sales figures.
According to Rho Motion, global sales of fully electric and plug-in hybrid vehicles (PHEVs) jumped an impressive 32% year-on-year in November. The total sales reached 1.83 million units, surpassing the previous record set in October by 100,000 vehicles. This continued growth underscores the increasing momentum of the EV market worldwide.
China continues to be the powerhouse of EV adoption, accounting for almost 70% of global EV sales in November. The Chinese market saw a staggering 50% increase, reaching 1.27 million vehicles sold. Notably, this growth has been primarily driven by battery electric vehicle (BEV) sales, with companies like Geely, Tesla, and Changan contributing significantly to the surge.
For the North American market, it demonstrated a steady 16.8% increase, with 0.17 million EVs sold. Interestingly, the market anticipates continued strong growth towards the end of the year, potentially driven by political considerations surrounding EV tax credits.
In contrast to the global trend, European EV registrations showed a marginal decline. The European Union (EU), EFTA, and United Kingdom (UK) markets have seen a 3% decrease year-to-date, selling 280,000 units in November. This downturn has sparked intense political discussion, with the European People’s Party Group recently calling for a reassessment of EU emission targets.
In detail, the global EV market has sold 15.2 million vehicles so far in 2024, representing a 25% year-on-year growth. The regional breakdown reveals:
The EV market is undergoing a pivotal transformation, driven by rising competition and shifting political dynamics. Automakers in Europe and America are facing a range of challenges, including escalating trade tensions, stricter CO2 emissions regulations, the removal of incentives in certain markets, and potential repercussions for manufacturing jobs.
As a result, these factors are reshaping the EV industry as companies navigate a complex landscape of regulatory changes and economic pressures as the EV market accelerates further.
Charles Lester, Data Manager at Rho Motion, noted the uneven regional picture, highlighting China’s dominance while acknowledging the challenges faced by other markets. The continued growth suggests that EVs are not just a passing trend but a fundamental shift in automotive technology and consumer preferences.
As the year draws to a close, the EV market continues to demonstrate resilience and potential, with China leading the way and other regions adapting to the rapidly changing landscape of electric mobility.
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