A recent report reveals that China was responsible for two-thirds of global electric vehicle (EV) sales in November 2024, highlighting its dominance in the EV market.
In a record-setting month, global EV sales reached 1.8 million units, surpassing the prior high from October 2024 by 100,000 vehicles, according to analysis from Rho Motion.
The Chinese market led this surge, achieving nearly 1.3 million units sold in November alone, eclipsing its previous record by over 50,000 units. So far this year, global EV sales have totaled 15.2 million, marking a significant 25% increase compared to the previous year.
“This quarter has seen a remarkable increase in global EV sales, showing consistent record-breaking trends month after month,” stated Charles Lester, Data Manager at Rho Motion. He noted that the regional sales landscape remains uneven, with Europe experiencing a 3% decline this year while China continues to dominate, accounting for more than two-thirds of the EVs sold in November.
European EV Sales Struggle
The report indicates that EV sales in the EU, EFTA, and the UK have declined by 3% in November compared to the same time last year, with only 280,000 units sold. Year-to-date, these regions have reached 2.7 million units.
On a brighter note, the UK has shown robust growth in the second half of 2024, with a 17% increase year-to-date. This growth is largely attributed to the implementation of the Zero Emission Vehicle (ZEV) Mandate, a government policy introducing strict regulations and sales targets for automakers.
According to the Society of Motor Manufacturers and Traders (SMMT), manufacturers have resorted to considerable discounts to meet their EV sales targets. Meanwhile, major European economies such as Germany, France, and Italy are grappling with weak sales figures thus far this year.
The latest data from the European Automobile Manufacturers Association indicates that, as of October, year-to-date EV sales in the EU have decreased by 4.9%, and the market share has slipped to 13.2% from 14% last year.
European car manufacturers are facing high production costs and intensifying competition, prompting some of the largest companies to announce job cuts and plant closures.
China Leads Global EV Sales
In November 2024, China’s market reached a new milestone with 1.3 million units sold, primarily driven by battery electric vehicle (BEV) sales. Leading brands such as Geely, Tesla, and Changan played a significant role in this achievement.
Interestingly, despite the robust sales of BEVs, the year-to-date performance of plug-in hybrid electric vehicles (PHEVs) has been even stronger, nearly doubling their sales. In contrast, BEV sales have seen a more modest increase of 18% year-to-date in China.
In North America, including the US and Canada, the EV market has been steadily growing at a rate of 10% year-to-date. Rho Motion’s report suggests that significant growth is expected in the coming months, possibly spurred by President-Elect Donald Trump’s efforts to eliminate the Biden tax credit. “We anticipate this will lead to a surge in consumer purchases aimed at capitalizing on the tax credit,” the report stated.
Photo credit & article inspired by: Euronews
