Global sales of fully electric and plug-in hybrid vehicles increased by 25.6% year-on-year in December, reaching a total of 17 million cars in 2024, according to data released on Tuesday. The surge was fueled by a strong performance in China and a stabilizing market in Europe, though growth showed signs of slowing toward the end of the year.
In December alone, global sales of electric vehicles and plug-in hybrids rose by 25.6%, totaling 1.9 million units. Despite this increase, sales in December showed a deceleration for the second consecutive month. Sales in China, the world’s largest EV market, saw a significant boost, jumping 36.5% to 1.3 million vehicles in December, contributing to a total of 11 million EVs sold across the country in 2024.
In Europe, the market experienced moderate growth with sales increasing by just 0.7% in December, totaling 0.31 million units. The UK surpassed Germany as Europe’s largest market for battery-electric vehicles in 2024, aided by government incentives and emission targets, according to research firm Rho Motion.
“The removal of subsidies in Germany had a devastating impact on the whole European market. If the U.S. follows suit, we may see the same there,” Rho Motion said in a note. Meanwhile, U.S. and Canadian sales increased by 8.8% in December to 0.19 million units.
Looking ahead, industry observers expect 2025 to be a transformative year for the EV sector. With the slowdown of sales growth in China and the introduction of new emissions targets in Europe, automakers are also facing potential policy shifts in the United States under the incoming administration.
China is further encouraging EV adoption by extending auto trade-in subsidies into 2025 as part of an expanded consumer trade-in scheme aimed at boosting economic growth and accelerating the transition to electric vehicles.
