22/02/2024
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“Global Surge in Electric Vehicle Sales Defies Market Skepticism”

London, Dec 12 (Reuters) – The worldwide market for battery electric vehicles (BEV) and plug-in hybrids (PHEV) experienced an impressive 20% surge in sales compared to the previous year, according to data from market research firm Rho Motion. Despite a dip in European sales, the robust growth in North America and China contributed to this remarkable uptick.

In a groundbreaking achievement, BEVs and PHEVs collectively achieved a new monthly record, reaching 1.4 million units, up from 1.1 million in November 2022. Charles Lester, a data manager at Rho Motion, noted, “Sales have continued to rise despite a lot of negative sentiment in the market, and we’re expecting sales to remain strong in December.”

While electric vehicle sales have witnessed consistent expansion in recent years, concerns loom among some automakers. There is apprehension that the momentum in Europe and other markets might slow down, anticipating a wait-and-see approach from consumers eyeing improved and more cost-effective models projected to emerge in the next two to three years.

Globally, BEVs constituted a significant 70% of total sales, with PHEVs comprising the remaining 30% in November, as reported by Rho Motion. China emerged as a driving force, posting an impressive 25% increase in sales, while the United States and Canada experienced a robust 43% growth. In contrast, Europe witnessed a 3% decline compared to the same month in 2022.

The decline in European sales can be attributed to a unique circumstance, with Rho Motion highlighting a strong surge in electric vehicle purchases in Germany towards the end of 2022. This surge was driven by consumers capitalising on electric car incentives before a reduction in government subsidies took effect. Charles Lester emphasised that despite subsidy reductions in Germany and France’s targeted adjustments favouring European-made electric cars over Chinese counterparts, sales in Europe are poised to remain robust. This is largely due to the imperative for automakers to meet stringent emissions targets by 2025.

Drawing attention to the evolving subsidy landscape, Lester pointed out, “France’s targeted subsidies are going to have a bigger impact on vehicles like Renault’s Dacia Spring, which is made in China for the European market, than on China’s BYD, because BYD cars are only just starting to be sold in France.”

As the global automotive landscape undergoes transformative changes, the electric vehicle market’s resilience continues to defy sceptics, offering a glimpse into a future where sustainable mobility takes centre stage.

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