Sales of electric vehicle set new record in October, driven by demand in China
Date
11/14/2024 2:12:43 AM
(MENAFN) Electric vehicle (EV) sales set a new record in October, reaching 1.7 million units, driven primarily by strong demand in China, according to data from UK-based Rho Motion research. This marks a 35 percent increase compared to the same period last year and a 3 percent rise from the previous month. Charles Lester, data manager at Rho Motion, noted that the global EV market is recovering, with sales hitting record levels for the second consecutive month, largely due to the rapid growth in China.
China’s EV market dominated the global sales, with 1.2 million units sold, marking a record monthly growth of 6 percent and an impressive year-on-year surge of more than 50 percent. BYD, a leading Chinese EV manufacturer, reported a record monthly sales increase of 80,000 units, totaling over 500,000 vehicles sold. The growth was attributed to the rise in sales of plug-in hybrid electric vehicles (PHEVs). BYD's exports remained steady, with over 30,000 units sold in October.
In the UK, the EU, and European Free Trade Association (EFTA) countries, a combined total of just over 260,000 EVs were sold in October, reflecting a 1 percent annual growth. However, there was a significant 14 percent month-on-month decline, driven by a sharp drop in sales in the UK. Despite this, Germany’s EV market showed growth, with a 12 percent month-on-month increase and a 3 percent rise year-on-year, although year-to-date sales were down by 18 percent, dampening overall annual figures.
Volkswagen, Europe’s largest automaker, announced plans to shut down three of its German production plants in an effort to reduce costs and lower its production of battery cells, highlighting the pressure Western manufacturers are facing as competition intensifies from China’s growing EV market.
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