Global Surge in Electric Vehicle Sales
battery electric vehicles sales (BEVs) and plug-in hybrids (PHEVs) experienced a 20% increase compared to the previous year, driven by robust growth in North America and China, offsetting a decline in Europe, reports market research firm Rho Motion.
In November 2023, the combined sales of BEVs and PHEVs set a new monthly record, reaching 1.4 million units—an uptick from 1.1 million units in November 2022.
Despite prevailing negative sentiments in the market, electric vehicle sales have shown resilience, and data manager Charles Lester anticipates a continuation of this positive trend into December.
Concerns of a Potential Slowdown
Amidst concerns of a potential slowdown in demand, particularly in Europe, some automakers worry that consumers might delay purchases in anticipation of more advanced and affordable models expected to emerge in the next two to three years.
Globally, electric vehicle sales constituted 70% of the total sales, with PHEVs accounting for the remaining 30% in November, according to Rho Motion.
China exhibited a notable 25% surge in electric vehicle sales, while the United States and Canada experienced a remarkable 43% increase. In contrast, Europe witnessed a 3% decline compared to the same period in 2022.
The dip in European electric vehicle sales is attributed to a strong finish in 2022, as German buyers rushed to acquire electric vehicles before a reduction in government subsidies took effect, as per Rho Motion’s analysis.
Charles Lester noted that despite Germany and France scaling back their BEV subsidies, electric vehicle sales in Europe are expected to remain robust. This is due to automakers needing to meet stringent emissions targets set for 2025.
Moreover, Lester highlighted that France’s targeted subsidies will likely impact certain vehicles more than others. For instance, subsidies favoring European-made electric cars over Chinese ones are expected to affect models like Renault’s Dacia Spring, produced in China for the European market, more significantly than China’s BYD, which is just beginning to enter the French market.
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