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Global sales of fully electric and plug-in hybrid vehicles increased 35% in October compared to the same month in 2023, driven by a 54% hike in sales in China, according to market research firm Rho Motion. However, it was a mixed bag for different regions of the world. European sales were up just 0.
8% but rose in annual terms for the second straight month. Rho Motion expects 2024 to end on a good note in the region, Reuters reported. Sales of EVs, including fully electric and plug-in hybrids, reached 1.
72 million vehicles worldwide in October, the firm’s data showed, with sales in China hitting a record high 1.2 million vehicles. In the US and Canada, EV sales rose 11.
4% to 0.16 million. In Europe, they touched 0.
26 million, slightly higher than last year but down 14% from September. In the rest of the world, sales were up by 10.9%.
EU’s auto sector is facing multiple headwinds, such as high production costs, the painful transition to EVs, and stiff competition from lower-cost Chinese EVs. Volkswagen, Europe’s biggest carmaker, recently announced plans to shut a few of its factories in Germany. EU and China have been drawn into a trade spat after new EU tariffs on Chinese-built EVs of up to 45.
3% came into effect following a year-long investigation. China has told its carmakers to pause major investment in European countries that backed the additional tariffs. Europe accounted for over 40% of EVs shipped from China in 2023.
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