This year’s electric vehicle (EV) market did not collapse as expected, with global sales falling short of forecasts by just 1%. According to Will Roberts, head of automotive research at Rho Motion, 15.2 million EVs were sold between January and November, exceeding predictions.
China led the way, accounting for over half of global EV sales, with 9.7 million units sold in the same period. Despite a battered economy, China’s car market continues to grow, driven by demand for new energy vehicles.
Analysts predict that the EV market will expand globally next year, primarily thanks to China’s vast and competitive auto market. China accounted for 64% of global EV sales in 2024 and is expected to continue its dominance in 2025, adding nearly twice as many EV sales as the rest of the world combined.
Chinese consumers are expected to benefit from the “cash for clunkers” subsidy program, which encourages them to trade in their older cars for a new model. However, analysts warn against putting too much stock in first-quarter sales, citing weak national holidays like Lunar New Year.
The shift towards plug-in hybrids also gained momentum globally this year, with BYD selling 2.2 million units in the first 11 months of the year – a 70% increase from the same period last year.
Source: https://finance.yahoo.com/news/china-driver-seat-ev-sales-220000662.html