Global EV Sales: 69% Annual Increase, 26% Monthly Decrease – Rho Motion

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In January, sales of fully electric cars and plug-in hybrids reached 1.1 million, an increase from 660,000 in January 2023.

In January, global electric vehicle sales experienced a 69% surge compared to the same month last year, although they saw a 26% decrease from December. This fluctuation was attributed to the reduction of subsidies or the implementation of stricter regulations in Germany and France, along with typically lower sales in China during this period, according to the market research firm Rho Motion.

The firm reported that sales of battery electric vehicles (BEVs) and plug-in hybrids reached 1.1 million in January, a significant rise from 660,000 in January 2023. Charles Lester, a data manager at Rho Motion, informed that the sales of electric vehicles in Germany and France dropped by approximately 50% in January compared to December, following the end of subsidies in Germany and the tightening of subsidy requirements in France.

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However, Lester pointed out that the upcoming CO2 limits for the European Union, set to take effect in 2025, are expected to motivate automakers to enhance their offerings of BEV and hybrid models throughout this year. He said that the EU emission standards for 2025 are what will really drive sales.

In terms of regional sales, the U.S. and Canadian markets saw a 41% increase in January sales compared to the previous year, with sales in China almost doubling. The combined sales in the EU, the European Free Trade Association (EFTA), and the United Kingdom rose by 29%.

Comparing month-to-month sales, there was a 26% decline in China ahead of the Chinese New Year, a 32% decrease in Europe, and a 14% drop in the U.S. and Canada from December.

General Motors announced last month, during their results report, that they would introduce plug-in hybrid vehicles in North America, reversing their previous strategy of avoiding hybrid powertrains in that market. The rise in U.S. hybrid sales can be attributed to consumer concerns over high EV prices and challenges with recharging infrastructure.

Lester highlighted the potential resurgence of plug-in hybrids in the U.S. and Canada as a key trend following GM’s announcement.

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Aryaman Raghuvanshi
Aryaman Raghuvanshi
Aryaman Raghuvanshi is a Journalist at EFY. His passion is to explore the future of mobility, which gets him to cover latest technologies shaping the future of automobiles and EVs. But, at times he writes on broader technologies too. LinkedIn: https://www.linkedin.com/in/aryaman-raghuvanshi-2431b7153

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