Issued 13 March 2024

So far this year, global electric vehicle (EV) sales are up 32% compared to this time in 2023 announces leading EV research house, Rho Motion, today. 

Year-to-date (YTD) comparison vs 2023:

  • +32% globally (1.5M – 1.9M)
  • +34% in China 
  • +33% in the US & Canada
  • +21% in the EU & EFTA & UK

Charles Lester, Leading EV Data Analyst, said: “We’re encouraged to see the global EV sales steadily increasing year on year as the global market has grown by 32% so farin 2024. Relatively new regions to EVs such as Latin America and the SE Asia peripheries are rapidly expanding and we can expect these to be the fastest growing markets for some time to come.”

February 2024 vs 2023:

  • +3% globally
  • +12% in the EU & EFTA & UK
  • +31% in the USA & Canada
  • -12% in China

Despite the European market feeling the effects of weaker subsidies, the German and French markets are still higher so far this year compared to the opening two months of 2023. EV Sales were seasonally weak in the UK in February but still maintained a 25% increase year-on-year, in anticipation of higher sales in March with the introduction of the latest number plates.

In China, February EV sales were weaker due to the Chinese New Year. However, YTD sales in the opening two months of the year are up by 34%. BYD continues to lead the domestic market, with around one-third of sales in February 2024. It has also exported almost 60,000 EVs so far in 2024 making it the largest EV exporter globally.

The US has seen a flurry of partnerships announced to domesticate the supply chain and enjoy the associated tax credits afforded by the IRA. For example Panasonic and Novonix, and both GM and Panasonic with Nouveau Monde Graphite.

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