Global electric vehicle sales surged 23% in October to 1.9 million units, driven by robust demand in major markets. According to market research firm Rho Motion, this growth was observed across various regions, with China, Europe, and other parts of the world contributing to the increase.
In October, Chinese sales reached approximately 1.3 million vehicles, while European sales jumped 36% to 372,786 units. However, North American sales declined 41% to 100,370 units. Sales in the rest of the world saw a significant increase of 37% to 141,368 vehicles. Europe led the regional electric vehicle growth, driven by strong demand in Germany, France, and the UK.
The European Union’s approval of more battery projects has also eased overall sales after a peak month. China, being the world’s biggest car market, accounts for more than half of global EV sales, which include battery-electric vehicles and plug-in hybrids. The price parity between electric and internal combustion engine (ICE) vehicles in China is closer compared to European or North American markets, according to Rho Motion data manager Charles Lester.
In North America, EV sales declined 41% following record highs in August and September, as demand eased after a $7,500 tax credit expired. Battery-electric vehicles remain pricier than comparable internal combustion models in the US, contributing to steep October sales declines across major automakers. In contrast, Europe is expected to see strong sales towards the end of the year, with an overall year-to-date growth figure remaining relatively high.
The Chinese automotive market is also expected to show strong growth in November and December, helped by a pull-forward effect as the country transitions from a full purchase tax exemption to a 50% exemption on new energy vehicles (NEVs). As the global electric vehicle market continues to evolve, these trends and developments will be crucial in shaping the industry’s future growth and adoption. With electric vehicles gaining traction worldwide, it is essential to monitor these changes and their impact on the environment, economy, and consumer behavior.