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A report by market research firm Rho Motion shows that global sales of all-electric vehicles (BEVs) and plug-in hybrids (PHEVs) increased by 23% in October.
The Rho Motion report takes into account total sales of 1.9 million units for the area of plug-in cars (BEV + PHEV) for October, a value corresponding to an increase of 23%. According to Rho Motion analysts, sales were „driven by strong demand in major markets.”
Europe led regional growth in electric vehicles, with strong demand in Germany, France and the UK, while global sales declined after a peak month and the European Union approved several battery projects.
China is the world’s largest automotive market and accounts for more than half of global sales of battery electric vehicles and plug-in hybrids. An important detail, provided by Charles Lester, data manager at Rho Motion, is related to the fact that, in China, the difference between the prices of electric vehicles and those with internal combustion engines is much smaller than in other geographical areas of the globe.
Global sales of fully electric and plug-in hybrid vehicles increased by 23% in October
In North America, electric vehicle sales fell 41% after record levels in August and September as demand declined as the $7,500 tax credit expired, Lester added. As in Europe, battery electric vehicles remain much more expensive than comparable internal combustion engine models, contributing to the sharp drop in sales in October.
In summary, sales in China increased to about 1.3 million vehicles, those in Europe increased by 36% to 372,786 units, while sales in North America decreased by 41% to 100,370. Sales in the rest of the world increased by 37% to 141,368 vehicles.
„In Europe, the overall growth rate since the beginning of the year remains relatively high and we expect strong sales towards the end of the year. The Chinese car market is expected to see strong growth in November and December, helped by the anticipation effect, as the country moves from a total purchase tax exemption to a 50% exemption for new electric vehicles,” says Charles Lester.
