According to data from market research firm Rho Motion, worldwide sales of fully electric and plug-in hybrid vehicles increased for a third straight record high in November, rising 32% year over year. With over 70% of all EV sales during the month, China continued to lead sales growth, while European registrations slightly decreased.
The market for electric vehicles is changing rapidly as a result of growing demand and production in China endangering EV sectors elsewhere. For example, production prices, new emissions limits, and increased competitiveness are all problems for Europe. European and American automakers claim that rising trade tensions, CO2 regulations, and the elimination of incentives in some nations impact prices and jeopardize thousands of jobs.
According to Rho Motion data, EV sales worldwide, including completely electric and plug-in hybrid models, increased 32.3% to 1.83 million in November. 1.27 million cars were sold in China, a 50% increase.
While EV sales in Europe were 0.28 million, down marginally from the previous year but up 7.7 percent from October, EV sales in the US and Canada were up 16.8% at 0.17 million.
Charles Lester, data manager at Rho Motion, told Reuters that “China certainly is in line with expectations,” adding that government incentives increased EV sales.
“Penetration has been around about 50 per cent for the last few months now.”
Domestic leader BYD is expected to surpass its global annual sales target and surpass Ford and Honda, while China’s total automobile sales increased 16.6% in November, the most since January.