Economic Update: Trends in Electric Vehicle Sales
The sales of electric and hybrid vehicles experienced a notable rebound in January, showing an 18% increase year-over-year while reflecting a shift in growth dynamics in key markets, specifically Europe and the United States, alongside an initial slowdown in China. This data has been reported by Ro Mouthen, a leading authority on car sector research.
According to Charles Leicester, the data manager at the firm, the European car market is off to a robust start this year, spurred by the enforcement of stringent carbon dioxide emission reduction targets within the European Union. However, the onset of the Lunar New Year in China resulted in a monthly sales decline of 43%, highlighting seasonal fluctuations in the market.
Row Motion’s data indicates that global sales of fully electric and plug-in hybrid vehicles rose by 17.7% year-over-year, reaching a total of 1.3 million units sold in January. This marks the third consecutive month of steady growth in this sector.
In China, sales have demonstrated resilience with an 11.8% increase year-over-year totaling 0.7 million units for the month. Europe also set a new benchmark, recording 0.25 million sales, reflecting a significant 21% increase compared to January of the previous year.
In North America, specifically the United States and Canada, electric vehicle sales surged by 22.1%, amounting to 0.13 million units sold in January. In other regions globally, January sales surged by 50%. However, it is notable that on an annual basis, global sales experienced a decline of 35%, significantly impacted by a 43% drop in China compared to December figures.
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