Global EV Sales Jump 23%

Global sales of electric and hybrid cars went up by 23% on the year in October, Rho Motion has calculated, to a total of 1.9 million cars. The number, however, was a slight decline in total sales figures for September, which hit an all-time high of 2.1 million.

As always, China booked the most sales, accounting for more than half of the global total, including both battery electric vehicles and hybrids. In Europe, EV and hybrid sales demonstrated resilience, with growth particularly marked in Germany, France, and the UK, Reuters reported, citing Rho Motion data.

Things may change in the UK soon, as the country’s finance minister has proposed a tax on EV drivers to help fill a massive budget gap. In the European Union, subsidies are driving stronger sales, but the bloc’s leadership is on track to reconsider its ban on new internal combustion engine car sales from 2035 after serious pushback from the car industry.

The United States EV and hybrid sales figures, meanwhile, showed what happens when the subsidies go away: Rho Motion reported a 41% drop for October after record-breaking sales in August and September as EV enthusiasts rushed to buy their car while it was cheaper. Data from Germany showed the same trends when the country’s previous government tried to phase out EV subsidies as it began finding it increasingly hard to foot the bill.

“In Europe, the overall year-to-date growth figure remains relatively high and we’re expecting strong sales towards the end of the year,” Rho Motion data manager Charles Lester said, as quoted by Reuters. “Chinese automotive market is expected to show strong growth in November and December, helped by pull forward effect as the country is moving from a full purchase tax exemption to just a 50% exemption on NEVs.”

By Irina Slav for Oilprice.com

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