Sales of fully electric and plug-in hybrid vehicles rose by 35% worldwide in October compared to the same month in the previous year, according to market research firm Rho Motion. Growth was seen across all major regions, led by a 54% increase in China, which hit a record high with 1.2 million EV sales.
In Europe, sales saw modest growth of 0.8%, marking the second consecutive month of annual gains, with Rho Motion anticipating a positive end to the year in the region, according to Charles Lester, the firm’s data manager.
The European EV market faces challenges such as high production costs, the transition to electric vehicles, and competition from more affordable Chinese-made EVs. Volkswagen recently announced plans to close at least three factories in Germany as it adapts to these pressures.
In October, global EV sales reached 1.72 million vehicles, with notable increases in North America, where sales in the U.S. and Canada rose 11.4% to 0.16 million. European sales totaled 0.26 million, up slightly year-on-year but down 14% from September. Other regions also experienced growth, with a 10.9% rise in sales.
“The Chinese EV market shows no signs of slowing down as it enters the final two strong automotive sales months of the year,” Rho Motion stated, with November and December traditionally performing well in sales.
Lester noted that the EU’s 2024 carbon reduction targets could encourage price cuts by automakers aiming to increase EV sales to avoid potential penalties.
In China, passenger vehicle sales rose 11.2% in October, led by domestic leader BYD (002594.SZ), as reported by the China Passenger Car Association last week.
