China has made history by becoming the first country to sell more than one million electric vehicles (EVs) in a single month. In August 2024, China hit this incredible milestone, surpassing the previous record set in December 2023 by 70,000 vehicles, according to Rho Motion.
Global EV Sales: A 20% Increase in 2024
Globally, the electric vehicle market is booming. So far in 2024, 9.8 million EVs have been sold, marking a 20% growth compared to last year. In August alone, 1.5 million units were sold worldwide.
Here’s a snapshot of January to August 2024 EV sales compared to the same period in 2023:
Global: 9.8 million (+20%)
China: 6.0 million (+33%)
Europe: 1.9 million (-4%)
USA & Canada: 1.1 million (+9%)
Rest of the world: 0.8 million (+29%)
Europe Sees Decline in EV Sales
While the global market is thriving, Europe has seen a 4% drop in EV sales this year. Both fully electric vehicles (BEVs) and plug-in hybrids (PHEVs) have declined, mainly due to reduced subsidies and trade barriers. However, some countries like the UK, Belgium, France, and Portugal are still showing growth, with the UK up by 12%.
China's EV Market Grows 33% in 2024
China's EV market is seeing rapid growth, up by 33% compared to last year. Plug-in hybrids (PHEVs) have been particularly popular, growing by 74% this year. China’s electric vehicle industry is thriving, and Rho Motion predicts the market will continue to grow by one-third this year.
Steady Growth in the US and Canada
In North America, the US and Canada saw a 9% rise in EV sales. Several automakers, including Hyundai, Kia, Honda, and Volvo, achieved record sales for their electric models. However, the upcoming presidential election in November could play a key role in shaping the future of the EV industry in the region.
China's milestone of selling over a million EVs in just one month reflects the strong momentum of the electric vehicle market worldwide, despite challenges in Europe. As more automakers and governments invest in the transition to electric mobility, we can expect more records to be broken in the coming months.
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