Global Electric Vehicle Sales Reach Record High

Global sales of electric vehicles (EVs) surged to a record 1.7 million units in September 2024, marking a 30.5% increase year-on-year, according to Rho Motion. China led this growth with 1.12 million sales, reflecting a 47.9% rise, while the U.S. and Canada saw a modest 4.3% increase to 150,000 units. Despite this global momentum, European markets faced challenges, with sales reaching only 300,000 units in September and a year-to-date decline of 4%. Charles Lester, Rho Motion's data manager, highlighted the stark regional disparities, noting that China accounted for over half of global sales. While European officials are seeking to negotiate trade terms to support EV growth, new tariffs complicate the prospects for Chinese manufacturers in that market. Overall, the global EV landscape is marked by significant growth potential, tempered by regional challenges and political dynamics.