Global electric vehicle sales rose 25% to more than 17 million, boosted by record sales in China. Incentives and emissions targets have boosted EV sales in China, and the UK is set to overtake Germany as Europe’s largest EV market by 2024, according to research firm Rho Motion.
Electric vehicle makers see 2025 as a transition year as sales growth in China slows and new emissions targets are imposed in Europe.
Global sales of pure electric and plug-in hybrid vehicles rose 25.6% to 1.9 million units in December 2024, despite slowing growth for two consecutive months. In December, sales of electrified vehicles in China rose 36.5% to 1.3 million units, with total sales reaching 11 million units in 2024.
In the US and Canada, electric vehicle sales rose 8.8% to 0.19 million units in December. Meanwhile, Europe reported sales of 0.31 million units, up 0.7% year-on-year. In the rest of the world, December's increase was 26.4%.
According to Rho Motion, the removal of subsidies in Germany has a negative impact on the entire European market. Therefore, if the US follows this direction, the same thing could happen here.
Charles Lester, data manager at Rho Motion, said there was no discernible decline in sales of electric cars made in China.
Carmakers facing tougher CO2 emissions rules are planning to buy carbon credits from electric car companies such as Tesla and Polestar to avoid hefty fines, an EU filing shows.
Meanwhile, China is still trying to promote the use of electric vehicles and restore economic growth by extending car-change subsidies until 2025.
