Global EV sales up 69% y/y in Jan, down 26% vs Dec - Rho Motion
Reuters
Published Feb 14, 2024 00:03
Updated Feb 14, 2024 13:52
By Nick Carey
LONDON (Reuters) - Global electric vehicle sales jumped 69% in January from a year earlier but were down 26% from December, reflecting subsidy cuts or tighter rules in Germany and France and seasonally weaker sales in China, market research firm Rho Motion said on Wednesday.
Sales of fully-electric cars, or battery electric vehicles (BEVs), and plug-in hybrids hit 1.1 million in January, up from 660,000 in January 2023.
Rho Motion data manager Charles Lester told Reuters that EV sales in Germany and France fell around 50% in January versus December after Germany scrapped its subsidies and France tightened requirements for its subsidies.
But he added that new CO2 limits for the European Union that come into effect in 2025 mean automakers will spend this year beefing up their offerings of BEV and hybrid models.
"What is really going to spur on sales is the EU emission standards for 2025," Lester said.
In the U.S. market and Canada, January sales were up 41% versus a year ago and they almost doubled in China. Sales in the EU, European Free Trade Association (EFTA) and the United Kingdom rose 29%.
Against December, sales in China were down 26% ahead of Chinese New Year. They were down 32% in Europe and 14% in the U.S. and Canada.
Last month, when reporting results, General Motors (NYSE:GM) said it would launch plug-in hybrid vehicles in North America, reversing a strategy of bypassing hybrid powertrains in that market.
U.S. hybrid sales have been rising as consumers balk at high EV prices and recharging infrastructure challenges.
"Looking at the U.S. and Canada, the main story right now is the potential re-emergence of plug-in hybrids that GM announced," Lester said.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.