Global sales of all-electric and plug-in hybrid vehicles rose 25% last year to more than 17 million cars, helped by a fourth consecutive month of record sales in December, as China continued to grow and Europe stabilized.
The incentives and emissions targets boosted sales of electric vehicles in China and helped Britain overtake Germany as Europe’s biggest electric battery market by 2024, research firm Rho Motion said.
The continued growth of the Chinese electric vehicle market also contributed to last year’s strong performance, with EV sales in China that they shot up 40% reaching 11 million units compared to the previous year. This was mainly due to the significant government incentives and subsidies given to EV manufacturers.
Similarly, in Canada and the United Statesmarket share increased by 9% up to 1.8 million units in 2024, supported by incoming US President Donald Trump’s plans to cut vehicle tax credits.
In Latin America, Brazil It is considered the largest automotive market in the region, both for electric vehicles and for automobiles in general.
Last year, sales of electric vehicles in Brazil grew 126% year-on-year until reaching 6.3% of new passenger car sales, compared to 2.4% in 2023, according to BloombergNEF’s annual Latam EV Outlook report.
In absolute terms, Brazil is followed by Mexico and Colombia as the largest automotive markets in the region.
Meanwhile, last week, Tesla reported that, for the first time, the reigning American electric vehicle champion had delivered fewer cars worldwide than the previous year.
The automaker delivered 1,789 million vehicles in 2024, 1.1% less than the 1,808 million delivered in 2023. Tesla shares plummeted 8% after the news.
A filing with the EU last week showed that carmakers facing tougher CO2 emissions rules were planning to band together and buy carbon credits from electric vehicle companies such as Tesla and Polestar to avoid hefty fines.
Meanwhile, China, in a bid to promote the adoption of electric vehicles and revive economic growth, last Wednesday extended car trade-in subsidies until 2025 as part of an expanded consumer trade-in plan.
The latest annual report from the International Energy Agency (IEA) predicts that one in five cars sold worldwide this year will be electric, and estimates that growing demand over the next decade will reshape the global automotive industry and significantly reduce oil consumption for road transportation.
According to the report, ensuring public charging availability keeps pace with electric vehicle sales is crucial for continued growth. The number of public charging points installed globally increased by 40% in 2023 relative to 2022, with the growth of fast chargers outpacing that of slower ones.
However, to achieve a level of electric vehicle deployment in line with the promises made by governments, charging networks must increase six-fold by 2035.
Source: Ambito
I’m a recent graduate of the University of Missouri with a degree in journalism. I started working as a news reporter for 24 Hours World about two years ago, and I’ve been writing articles ever since. My main focus is automotive news, but I’ve also written about politics, lifestyle, and entertainment.
