In a positive start to Q2 2024, a report by Rho Motion stated that global sales of electric vehicles (EVs) have skyrocketed by 21% in Q1 2024 compared to last year. The surge brings the total number of EVs sold worldwide to over 3.1 million vehicles in Q1 alone.

Specifically, March saw a big uptick with 1.2 million EVs hitting the roads. Notably, this saw a 12% jump compared to last year’s March numbers. Remarkably, BYD and Tesla are leading in the EV industry and influencing the rest to take into account investing more in EVs and their technology. Moreover, European EV markets had a 9% drop. However, the European EV market is seeing new EV models being introduced especially with recent reports of BYD and Mercedes-Benz bringing its Denza brand.

Charles Lester, EV Data Analyst at Rho Motion, stated, “While we are seeing a cooling of growth in Europe, the global EV sales for the first quarter of 2024 show a promising start to the year, surpassing three million vehicles sold.”

Particularly, in Q1 2024, China had a 31% increase while the United States (U.S.) and Canada had a 13% increase compared to last year’s Q1. Furthermore, the statistics by Rho Motion illustrate Battery Electric Vehicles (BEVs) depicting 64% of units sold in Q1 2024. Overall, it shows that this certain EV engine is the preferred one for global buyers.

In addition, Rho Motion projected a continued growth trajectory for global EV sales between 25% and 30%. As a result, the global EV market is thriving with many companies sharing the benefits from their Q1 2024 results. Ultimately, hopes of Q2 2024 doing the same remain positive with these exceptional results from Q1 2024.

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