EV sales hit record for sales led by China

11/14/2024 3:42:45 AM

(MENAFN) Electric Vehicle (EV) sales hit a record in October with 1.7 million points in sales, driven by great demand in China, based on UK-based Rho Motion research house on Wednesday.

The sales were up 35 percent annually and 3 percent monthly, Rho Motion data revealed.

Charles Lester, data head at Rho Motion, stated that “The global EV market is now picking back up again, hitting record sales for the second month in a row,” adding “Most of the growth is coming from China and Western manufacturers are clearly feeling threatened by this.”

China’s EV market reached the greatest portion of sales past month with 1.2 million units sold, registering a record month-on-month surge of 6 percent while soaring over 50 percent annually.

Chinese EV producer, BYD, released over 500,000 units sold in October, a record month-on-month surge of 80,000 units for the firm. The record surge was because of the development in plug-in hybrid electric vehicle sales, stated Rho Motion.

BYD’S shipments stayed stabilize course of the previous three months with over 30,000 units sold.

The UK, US as well as the European Free Trade Association (EFTA) states of Iceland, Liechtenstein Norway and Switzerland collaborated to register slightly more than 260,000 EV sales in October with a 1 percent yearly increase. There was a 14 percent month-on-month drop because of the plummeting EV sales in the UK.

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