Global sales of fully electric and plug-in hybrid vehicles rose 23% in October to 1.9 million units, driven by strong demand in key markets, research firm Rho Motion said Wednesday, UNN reports with reference to Reuters.
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Europe led the regions in EV growth due to strong demand in Germany, France, and the UK, while overall sales declined after a peak month and the European Union approved new battery production projects.
China is the world's largest automotive market and accounts for more than half of global EV sales, which, according to Rho Motion, include battery electric vehicles and plug-in hybrids.
The price parity between EVs and ICE vehicles in China is much closer compared to the European or North American markets, noted Rho Motion data manager Charles Lester.
North America lagged in monthly figures: EV sales fell 41% after record highs in August and September, as demand declined after the expiration of $7,500 tax credits, Lester added.
In the US, EVs are still significantly more expensive than comparable internal combustion engine models, which contributed to a sharp drop in sales for major automakers in October.
Sales in China rose to approximately 1.3 million vehicles. Sales in Europe jumped 36% to 372,786 units, while sales in North America fell 41% to 100,370. Sales in the rest of the world jumped 37% to 141,368 vehicles.
"In Europe, overall year-to-date growth remains relatively strong, and we expect strong sales through the end of the year," Lester said.
"The Chinese automotive market is expected to show strong growth in November and December, driven by a tug-of-war effect as the country transitions from a full purchase tax exemption to only a 50% exemption for NEVs," he said.