- November 2024 was the strongest month ever for global EV sales, with 1.8 million units.
- EV sales are up 25% year-to-date in 2024, with 1.3 of the 1.8 million units coming from China.
- Europe is down 3%, while the US and Canada are up 10% in year-to-date EV sales figures.
While automakers navigate shifting electrification strategies, the global electric vehicle market continues to grow steadily. November 2024 set yet another sales record, with 1.8 million EVs sold worldwide, bringing the year-to-date total to an impressive 15.2 million units.
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According to market research firm Rho Motion, November marked the third consecutive month of record-breaking EV sales, with an additional 100,000 units sold compared to October’s previous high. This represents a sharp 32 percent leap from November 2023.
China Leads the Charge
Unsurprisingly, China continues to dominate the EV stage by a huge margin with an astonishing 1.3 million units sold in November, accounting for nearly 70 percent of global sales. Much of this growth came from rising demand for models produced by Geely, Tesla, and Changan, bolstered by China’s aggressive push toward electrification.
Between January and November 2024, China’s EV sales soared by 40 percent year-over-year, reaching a remarkable 9.7 million units and dwarfing sales in all other regions.
The global tally of 15.2 million EVs sold between January and November 2024 represents a 25 percent increase compared to the same period last year. Breaking this down, China was followed by the European Union, EFTA (Iceland, Liechtenstein, Norway, and Switzerland) and the UK at 2.7 million (-3%), the US and Canada at 1.6 million (+10%), and the rest of the world contributing 1.1 million (+25%).
Regional Gains and Setbacks
In Europe, major markets like Germany, France, and Italy are experiencing a slowdown, with year-to-date sales shrinking by 3 percent. However, the UK stands out as an exception, posting a 17 percent increase in sales thanks to stronger demand in the second half of 2024. Still, uncertainty looms as the UK government considers scaling back its EV mandate, citing feasibility concerns.
Across the Atlantic, the US and Canada have maintained a steady 10 percent increase in EV sales year-to-date, totaling 1.6 million units sold so far. Donald Trump’s recent election victory is expected to trigger a year-end rush for zero-emission vehicles, as buyers hurry to claim Biden-era tax credits before they risk being cut next year.
Charles Lester, Data Manager at Rho Motion, commented: “This quarter has picked up significantly for EV sales globally as we see record-breaking month after record-breaking month. However, the regional picture is somewhat uneven with Europe shrinking 3% this year so far, and once more China accounts for over two-thirds of the electric vehicles sold in November.”
