Electric vehicle sales continue to improve year-over-year on a global scale, with a 69% growth in January 2024 compared to the same period in 2023. However, certain market changes spurred a 26% month-on-month decline, Reuters reports, citing Rho Motion’s data.
Year-on-year sales growth
As per the report, battery-electric vehicle sales surged 69% YoY to 1.1 million in January from just 660,000 units in the prior year.
This remarkable sales increase is primarily due to the Chinese electric vehicle market’s almost twofold growth in January 2024. It reportedly accounted for 640,000 units of the total EV sales globally, Green Car Congress reports.
The European Union, EFTA & UK also reportedly enjoyed a 29% YoY sales growth, while the US and Canada’s EV sales grew 41%.
Month-on-month sales decline
Rho Motion Data Manager Charles Lester told the international news agency that electric vehicle sales in France and Germany dropped approximately 50% in January compared to the prior month.
The sales decline reportedly transpired after Germany withdrew its electric vehicle subsidies and France introduced more stringent rules for its incentives. In effect, Europe’s electric vehicle sales dropped 32% MoM, which also affected the wider global sales.
The global EV sales decline was also triggered by the seasonally weaker sales in China, dropping to 26% against December ahead of the Chinese New Year.
Growth prospect
Despite the MoM decline in January, Manager Lester is highly optimistic that the European Union’s new CO2 limits starting in 2025 will significantly stimulate sales growth in the electric vehicle market.
Its imminent imposition in the EU will prompt electric automakers to exert extra effort this year to expand their respective battery-electric and hybrid vehicle portfolios.
“What is really going to spur on sales is the EU emission standards for 2025.”
Rho Motion Data Manager Charles Lester
You can learn more about the EU emission standards below:
