Global sales of electric vehicles (EVs) grew by 21% compared to this time last year, announced leading EV research house, Rho Motion, today. In March, 1.2 million EVs were purchased, 12% higher than March last year, bringing the total up to 3.1 million for 2024 so far.

“While we are seeing a cooling of growth in Europe, the global EV sales for the first quarter of 2024 show a promising start to the year, surpassing three million vehicles sold. Tesla’s results came as a shock to many but the manufacturer still opened the year as number one for battery electric vehicle sales in Q1 2024.”

Charles Lester, Rho Motion’s EV Data Analyst


In the first quarter of 2024 all regions experienced growth compared to the same period in 2023 even though Europe’s was considerably slower. China continued to claim first prize at 31% growth with the US and Canada at 13%, and EU and EFTA trailed behind at a mere 7%. The Rest of the World (RoW) grew by 21% as Chinese exports continue to boost sales in southeast Asia and Latin America.


Europe’s relative slowdown in growth can be explained by Germany’s 21% y-o-y decline as recent subsidy cuts dampen demand. It can also be attributed in part to market saturation in Norway where nine out of ten new vehicles sold are electric versus an average of three out of ten in the rest of Europe. As Norway’s growth falters, so does Europe’s overall numbers. The UK achieved the highest rate of growth this quarter y-o-y in the region at 13%, seeing the market penetration at over 20% so far in 2024.

Q1 2024 vs Q1 2023:

  • +21% Global
  • +7% EU & EFTA & UK
  • +31% China
  • +13% US & Canada
  • +21% RoW

Two major EV players published their results. BYD maintained strong sales after weaker seasonal numbers in the opening two months of 2024, a 21% global market share and growing exports. Tesla had a weaker than expected quarter attributing it to the ramp up of the updated Model 3 in the US, and factory shutdowns, though production outpaced deliveries by approximately 50,000 vehicles.
Battery Electric Vehicles (BEVs) represent 64% of units sold in Q1 2024, with the remaining 36% Plug-in Hybrid (PHEV).

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