Global sales of electric vehicles (EVs) and plug-in hybrids soared by 25% in 2024, reaching over 17 million cars, driven by China’s steady growth and Europe’s stabilization. The Rho Motion data showed that December saw record sales for the fourth consecutive month, despite a slowdown in EV sales year-on-year.
China led the charge with sales of over 11 million vehicles in 2024, growing 36.5% in December alone. In contrast, US and Canadian sales rose by only 8.8% to 0.19 million vehicles. Europe reported a 0.7% increase, while other regions saw a significant jump of 26.4%.
Industry experts warn that the removal of subsidies in Germany could have devastating effects on European markets if similar measures are taken in the US. The introduction of new emissions targets and potential policy changes under the incoming Trump administration have raised questions about the future of EV adoption.
As China continues to promote EVs as part of its consumer trade-in scheme, manufacturers like Tesla and Polestar are finding ways to stay ahead by pooling together and buying carbon credits from electric vehicle companies. With this trend expected to continue into 2025, experts predict a transformative year for the industry.
Source: https://www.reuters.com/business/autos-transportation/global-electric-vehicle-sales-up-25-record-2024-2025-01-14