Global EV Sales Hit Record High for the Third Consecutive Month

December 13, 2024 | Reuters

Global electric vehicle (EV) sales continue their upward trajectory, reaching a new record in November 2024. According to data from market research firm Rho Motion, sales of fully electric and plug-in hybrid vehicles (PHEVs) surged by 32.3% year-on-year, marking the seventh consecutive month of growth.

Key Highlights

1. Global Sales Figures:
   • Total EV sales in November: 1.83 million vehicles.
   • Year-on-year growth: 32.3%.
2. Regional Performance:
   • China:
     • Leading the global market with 1.27 million sales, up 50% year-on-year.
     • Accounts for nearly 70% of global EV sales.
   • Europe:
     • Slight decline in registrations year-on-year, but up 7.7% compared to October 2024.
     • November sales: 0.28 million vehicles.
   • United States and Canada:
     • Sales increased by 16.8%, totaling 0.17 million vehicles.
   • Rest of the World:
     • Sales remained flat compared to November 2023.

Why It Matters

• China’s Dominance:
  • China’s robust demand and production capacity are reshaping the global EV landscape, posing challenges for markets like Europe and North America.
• Challenges in Europe:
  • European automakers face hurdles such as higher production costs, stricter emissions targets, and intensified competition from Chinese manufacturers.
  • Trade tensions and the removal of EV incentives in some European countries further complicate the market.
• North American Growth:
  • Despite moderate growth, automakers in the U.S. and Canada are grappling with rising production costs and evolving regulatory landscapes.

Market Implications

• Economic Impact:
  • Trade tensions and regulatory changes could put thousands of jobs at risk in Europe and North America.
  • Rising competition may drive innovation and cost optimization in the global EV industry.
• Sustainability Goals:
  • The continued rise in EV adoption underscores a global shift toward greener transportation solutions.