Global EV sales up 30.5% in September as China shines, Europe recuperates

By Alessandro Parodi and Greta Rosen Fondahn14 Oct 2024Reuters1 Mins read78

FILE PHOTO: EV cars are pictured inside BYD's first electric vehicle (EV) factory in Southeast Asia, a fast-growing regional EV market where it has become the dominant player, in Rayong, Thailand, July 4, 2024. REUTERS/Chalinee Thirasupa//File Photo

EV cars are pictured inside BYD's first electric vehicle (EV) factory in Southeast Asia, a fast-growing regional EV market where it has become the dominant player, in Rayong, Thailand, July 4, 2024. — REUTERS/Chalinee Thirasupa//File Photo

Global sales of fully electric and plug-in hybrid vehicles rose by an annual 30.5 per cent in September, as China surpassed its record numbers recorded in August and Europe resumed growth, market research firm Rho Motion said on Tuesday.

Gains in the U.S. market have been slow and steady in anticipation of the Nov. 5 election, which makes it difficult to predict future trends in the country, data manager Charles Lester told Reuters.

Why it’s important

Organizations

Topics

Electric Vehicles (EVs)

Chinese carmakers are seeking to grow their sales in the EU despite import duties of up to 45 per cent and amid cooling global demand for electric cars. Chinese and European automakers were going head-to-head at the Paris car show on Monday.

By the numbers

EVs — whether fully electric (BEV) or plug-in hybrids (PHEVs) — sold worldwide reached 1.69 million in September, Rho Motion data showed.

Sales in China jumped 47.9 per cent in September and reached 1.12 million vehicles, while in the United States and Canada they were up 4.3 per cent to 0.15 million.

In Europe, EV sales rose 4.2 per cent to 0.3 million units, thanks to a 24 per cent jump in the United Kingdom and gains in Italy, Germany and Denmark, Lester said.

Key quotes

In the Chinese market, the penetration rate of BEV and PHEV is growing faster than some expected and sales “could be a record every month until the end of the year”, Lester said.

He added that Germany’s seven per cent year-on-year growth was “definitely positive news”, and that intermediate carbon emission reduction goals set in the EU for next year will test the bloc’s market.

Rho Motion expects EV sales in Europe to reach 3.78 million vehicles in 2025 and 9.78 million in 2030, respectively 24 per cent and 19 per cent lower than in previous estimates, automotive research lead William Roberts told Reuters.

Context

France announced plans earlier this month to reduce its support for EV buyers, while Germany in September agreed on tax relief for companies on their EV sales, after ending a subsidy scheme designed to help speed up the green transition last year.

(Reporting by Alessandro Parodi and Greta Rosen Fondahn; Editing by Christina Fincher)