Electric Vehicles

China, US EV Sales Lead Charge as Electric Revolution Speeds Up

 

Strong growth in China and North America led a global surge as battery electric vehicle (BEV) and plug-in hybrid (PHEV) sales hit a new high last month.

Sales of BEVs and PHEVs hit a fresh monthly record of 1.4 million units, up 20% from 1.1 million in November 2022, despite lower sales in Europe, according to market research firm Rho Motion.

“Sales have continued to rise despite a lot of negative sentiment in the market and we’re expecting sales to remain strong in December,” data manager Charles Lester told Reuters.

After years of accelerating growth, some automakers fear that electric car sales in Europe and elsewhere could be heading for a slowdown as drivers wait for better, cheaper models that are two to three years down the road.

 

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Globally, BEVs made up 70% of non-traditional engine sales and PHEVs made up the remaining 30% in November, Rho Motion said.

China posted a 25% increase in sales and they were up 43% in the United States and Canada, while Europe saw sales drop 3% versus the same month in 2022.

The drop in Europe reflects a strong end of the year in 2022 as Germans bought electric cars before a reduction in government subsidies kicked in, Rho Motion said.

Lester said that as Germany is reducing its BEV subsidies and France is narrowing its own subsidies, to favour European-made electric cars over Chinese ones, sales in Europe should remain strong because automakers will still need to meet emissions targets heading into 2025.

He added that France’s targeted subsidies are “going to have a bigger impact” on vehicles like Renault’s Dacia Spring, which is made in China for the European market than on China’s BYD, because BYD cars “are only just starting to be sold” in France.

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

Carmakers Focus on Cost-Cutting to Rival Cheap Chinese EVs

China Slams Plan to Cut it From US EV-Battery Supply Chain

Electric Vehicles Speeding up The Demise of the Oil Era: IEA

Tesla’s China-Made Monthly Sales Slip 18% Year-on-Year

 

 

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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