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Global electric automobiles trades hit record high in 2024
(MENAFN) Global electric vehicle (EV) sales reached an all-time high in 2024, totaling 17.1 million units of passenger and light-duty EVs, according to a report by Rho Motion, a leading firm specializing in EV research.
This represents a remarkable 25 percent increase compared to the previous year, fueled by four consecutive months of exceptional sales.
China continues to lead the global EV market, with 11 million units sold in 2024, reflecting a 40 percent year-on-year growth. The sales of plug-in hybrid electric vehicles (PHEVs) in China surged by 81 percent, driven by rising demand for range-extender EVs and the expansion of the car trade-in scheme during the middle of the year.
BYD, China’s dominant EV manufacturer, captured over one-third of the country’s EV market share, offering a wide range of more than 40 models.
In Europe, however, the EV market experienced a slight downturn, with sales dipping by 3 percent to 3 million units in 2024. The UK led the region, surpassing Germany with more than 400,000 units sold, largely due to the Zero Emission Vehicle (ZEV) mandate.
This represents a remarkable 25 percent increase compared to the previous year, fueled by four consecutive months of exceptional sales.
China continues to lead the global EV market, with 11 million units sold in 2024, reflecting a 40 percent year-on-year growth. The sales of plug-in hybrid electric vehicles (PHEVs) in China surged by 81 percent, driven by rising demand for range-extender EVs and the expansion of the car trade-in scheme during the middle of the year.
BYD, China’s dominant EV manufacturer, captured over one-third of the country’s EV market share, offering a wide range of more than 40 models.
In Europe, however, the EV market experienced a slight downturn, with sales dipping by 3 percent to 3 million units in 2024. The UK led the region, surpassing Germany with more than 400,000 units sold, largely due to the Zero Emission Vehicle (ZEV) mandate.
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