accounted for two-thirds of global EV sales in November, according to a new report.
According to Rho Motion, another record-breaking month for EV sales occurred in November, with 1.8 million devices sold globally.
November surpassed the previous record, set in October 2024, by 100,000.
The Chinese market surpassed its previous record established last month (October) by more than 50,000 vehicles, with about 1.3 million units sold in November 2024.
According to Rho Motion, 15.2 million EVs have been sold globally this year, a 25% increase over the previous year.
“This quarter has picked up significantly for EV sales globally, as we see record-breaking month after month,” said Charles Lester, Rho Motion Data Manager. “However, the regional picture is somewhat uneven with Europe shrinking 3% this year so far, and once more China accounts for over two-thirds of the electric vehicles sold in November.”
European EV sales could be performing better.
According to the research, the EV market in the EU, EFTA, and the UK continues to decline, with overall EV sales falling by 3% in November compared to the same period last year. Last month, the region sold 280,000 units, bringing the total to 2.7 million years to date.
Separately, the UK market has had a tremendous second half of 2024, expanding by 17% year to date, aided by the Zero Emission Vehicle (ZEV) Mandate, a government program that regulates EV sales and sets strict quotas for carmakers.
According to a second assessment from the Society of Motor Manufacturers and Traders (SMMT), manufacturers provided significant discounts to ensure they met EV sales objectives, according to the BBC.
Meanwhile, the largest European economies, including Germany, France, and Italy, reported low EV sales year-to-date.
According to the European Automobile Manufacturers Association’s October figures (the most recent available at the time of publishing this article), year-to-date EV sales volumes in the EU fell by 4.9%, while market share fell to 13.2% from 14% last year, including the first ten months of the year.
European automakers are battling with high production costs and increased competition, prompting some of the most prominent names to announce job layoffs and factory closures.
Global EV sales are rising, headed by China.
China reached a new record in November 2024, selling 1.3 million units, nearly all of which were battery electric vehicle (BEV) sales, with Geely, Tesla, and Changan selling the most.
However, year-to-date, plug-in hybrid electric vehicle (PHEV) sales have nearly doubled, whilst BEV sales in China have climbed by only 18%.
According to Rho Motion’s analysis, the EV market in the United States and Canada is growing at a steady 10% rate year to date.
The EV research firm anticipates sustained robust growth through the end of the year, propelled by President-Elect Donald Trump’s reported intention to eliminate the Biden tax credit. “We expect this would bring forward purchases from consumers in order to take advantage of the tax credit,” according to the research paper.
