People try out an electric vehicle at the Geely stand during the China International Supply Chain Expo (CISCE) in Beijing, on December 1, 2023. Photo: AFP/FILE
By AFP - Agence France Presse
Global electric car sales up 25% in 2024
Sales of electric cars grew by 25% worldwide last year, increasing in China but decreasing in Europe, according to data published on Tuesday by British consultancy Rho Motion.
A record 17.1 million battery electric vehicles (excluding plug-in hybrids) were sold last year worldwide, according to figures compiled by the company.
China advanced further as the world's leading market for electric cars, with 11 million units sold, an increase of 40% compared to 2023.
In Europe (including Great Britain, Iceland, Norway, and Switzerland), sales fell by 3% to three million vehicles, after four years of strong growth. In a generally declining market in Europe, hybrids have gained the largest market share at the expense of gasoline and diesel vehicles.
The end of state financial purchase incentives for consumers penalized sales in Germany last year, while they increased by 21.4% in Great Britain, which has become the main European market for electric vehicles, partly due to the sales targets imposed on automakers.
Sales of electric vehicles also increased in the United States and Canada, rising 9% to 1.8 million vehicles.
Rho Motion noted that government measures, or the lack of them, play an important role in sales dynamics, as electric vehicles remain considerably more expensive.
“What is clear is that government incentives and inducements are working,” said Rho Motion data manager Charles Lester in a statement.
He said that President-elect Donald Trump's plans to suspend sales incentives would almost certainly have an impact on electric vehicle sales in the United States in 2025.
In Europe, stricter emissions limits could help sales of electric vehicles in 2025.
Another Rho Motion analyst, William Roberts, said that European governments were not prioritizing incentives for electric vehicles and that new models were still subject to high tariffs.
European tariffs could start to slow down the import of Chinese electric vehicles manufactured by companies such as BYD and SAIC, which sell under the MG brand.
But with Leapmotor set to start production in Europe at a Stellantis plant and BYD also building a European factory, Chinese automakers could continue their conquest of market share, according to analysts.
tsz/rl/rlp
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