Global electric vehicle (EV) sales reached a record 1.8 million units in November 2024. This marks a 25% increase from the previous year. China led this growth, contributing nearly two-thirds of global sales. Meanwhile, Europe’s EV market saw a slight decline, highlighting challenges in its transition to electric mobility.
China’s Dominance in Global EV Sales
China set a new record in November by selling 1.3 million EVs. This growth was driven by battery electric vehicles (BEVs), supported by strong domestic demand and government incentives. The range of EV models also expanded. Year-to-date, China’s EV sales, especially plug-in hybrid electric vehicles (PHEVs), have increased significantly. These trends ensure that China accounts for over two-thirds of global EV sales, solidifying its market leadership.
Europe’s Struggles: Declining Sales Amid Rising Costs
In contrast, the European market saw a 3% decrease in sales in November, with 280,000 EVs sold. Rising production costs, stiff competition from China, and increasing material costs have slowed Europe’s EV growth. Some major European automakers have cut jobs and closed plants due to these economic pressures. However, the UK market grew by 17%, driven by incentives like the Zero Emission Vehicle (ZEV) Mandate.
Steady Growth in North America
The US and Canada have maintained steady growth, with a 10% increase in sales year-to-date. In the US, sales are expected to rise further as consumers rush to take advantage of government incentives before tax credit changes.
Outlook for the Global EV Market
The global EV market continues to grow, led by China’s dominance in both BEV and PHEV segments. Europe faces slower growth due to high costs and competition from Chinese manufacturers. Meanwhile, the US and Canada show steady progress, thanks to government incentives. Looking ahead, China is expected to continue leading, while Europe and North America must overcome challenges to catch up.
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