A record-breaking 1.7 million EVs were sold globally over the month of September, revealed EV research-house Rho Motion. September overtook the previous record set in December 2023 by 150,000.
The Chinese market beat their previous record set in August by 90,000 vehicles, to reach 1.1 million units sold in September 2024. Overall, 11.5 million EVs have been sold globally so far this year, growing by 22% Year To Date (YTD).
Snapshot electric vehicle sales in January – September 2024 vs Jan-Sept 2023:
– Global: 11.5 million, +22%
– China: 7.2 million, +35%
– EU & EFTA & UK: 2.2 million, -4%
– USA & Canada: 1.3 million, +10%
– Rest of World: 0.9 million, +25%
Rho Motion Data Manager, Charles Lester, commented: “This record-breaking month of EV sales brings new hope to the industry. While the electrification of transport seems inevitable, the recent slowdown of sales in many parts of the world has sewn seeds of doubt which can now start to be swept aside. However, the regional disparities are astonishing, with China alone accounting for well over half the global total, meanwhile Europe’s numbers are shrinking and the US and Canada are steadily growing.”
EU & EFTA & UK
Just Over 300,00 EVs were sold in EU & EFTA & UK in September 2024, reaching a total of 2.2 million units sold for the year. Battery Electric Vehicle (BEV) sales increased year-on-year by 12%, however, Plug-in Hybrid Electric Vehicle (PHEV) sales are down year-on-year by 12% (comparing September 2024 sales vs September 2023).
Vehicle sales in the UK are typically strong in September due to new registration plates, with September 2024 EV sales being no exception as EV sales more than tripled from the previous month. The Norwegian market continues to have extremely high EV penetration rates, but the market in terms of volumes is still down by 4% YTD. The German market grew y-o-y by 7% but YTD sales are still down by 20%.
China
Another record month for China. After surpassing 1 million EV sales for the first time in August 2024, this feat was achieved once again in September 2024 with 1.1 million units sold. Chinese manufacturers continue to grow their presence abroad with strong EV exports to other Asian countries and Latin America.
BEV exports from China to the EU will now face tariffs, agreed on 4 October 2024 and set to come into force in November 2024 for five years. Despite this, many manufacturers will be able to absorb some of the cost, and manufacturers are also looking to establish EV facilities within Europe, for instance, BYD.
USA & Canada
The US & Canada market continues to grow at a steady pace of 10% YTD. GM sold almost 10,000 Chevrolet Equinox in Q3 2024 and has produced over 40,000 in the opening 8 months of the year. GM also started sales of the Sierra EV and Volvo started sales of the EX30. Toyota pushed back the start date of its facility in the US, with other OEMS, such as Ford and Vinfast, pushing back plans earlier in the year.
