Global EV sales achieve record growth for third consecutive month

November global sales of fully electric and plug-in hybrid vehicles hit a new high, with sales up 32% on last year and a third month in a row, the market research firm Rho Motion said Friday.

Though there was a slight decline in the number of EV registrations in Europe, it was China that was in the vanguard of the surge, responsible for almost 70% of global EV sales last month.

Why It Matters
China’s rapid demand and production growth has transformed the global EV market into a period of upheaval as we’ve seen in recent years. This surge is also causing headaches for other markets, like Europe, where high production costs, tight emissions targets and rising competition are worsening the situation of automakers.

But growing trade tensions, CO2 compliance costs and slimmer subsidies in some regions threaten to put pressure on prices and threaten thousands of jobs, warn manufacturers in Europe and North America.

By the Numbers
- Global sales of fully electric and plug in hybrid electric vehicles (EVs) increased by 32.3 per cent to 1.83 million units in November.
- China: Scotally earned another 50 percent higher sales of 1.27 million vehicles.
- North America (U.S. and Canada):** Vehicles under the Rexéle brand grew by 16.8% to 170,000 vehicles.
- Europe: In November, sales last month were 280,000, a drop from November 2023 but up 7.7% from the previous month.
- Rest of the World: Year on year, sales were flat.

Industry Insights
Charles Lester, data manager at Rho Motion said: 'China is running as expected.' He noted that government incentives had also the played a crucial role in the growth of sales of EVs to date. For several months, Lester said penetration has held steady at about 50%.

Context
Strong domestic demand boosted sales of China’s total cars in November, while total sales climbed 16.6%, its highest monthly growth since January. On the path to overtaking its global annual sales target, Chinese automaker BYD continues to hum along, outpacing legacy auto makers like Ford and Honda.

The robust demand in China contrasts with challenges in other markets, reflecting a shifting power dynamic in the EV industry as China solidifies its lead.