Sales of EVs and plug in hybrids were up 20% globally in November, according to market research firm Rho Motion.
The boost in sales was mainly attributed to strong growth both in North America and China, which offset poor sales in Europe, according to Reuters.
Total sales hit a new monthly record of 1.4 million units, the report says. This figure is up from 1.1 million EVs sold in November 2022.
Data manager Charles Lester commented to Reuters: "Sales have continued to rise despite a lot of negative sentiment in the market, and we're expecting sales to remain strong in December."
According to Rho Motion, in the global market during November, battery electric vehicles (BEVs) constituted 70% of total sales, with plug-in hybrid electric vehicles (PHEVs) making up the remaining 30%.
China's numbers were up 25% and sales in the United States and Canada also saw a significant boost, rising by 43%. Europe reported a 3% decline in sales compared to the same month in the previous year.
Rho Motion attributes the recent decline in European electric car sales to a surge in purchases at the end of 2022, particularly in Germany. This increase was driven by consumers pulling demand forward and buying electric vehicles ahead government subsidies ending.
Lester explained that despite Germany scaling back its subsidies for battery electric vehicles and France refining its incentives to favor European-made electric cars over Chinese models, sales in Europe are expected to remain robust, Reuters wrote.
This is mainly because car manufacturers are under pressure to meet stringent emissions goals as 2025 approaches.
Recall, we wrote recently that major U.S. manufacturers like Ford were slashing billions of dollars of investment in electric vehicles - namely as a way to save cash after being bled dry by labor unions.
But perhaps they'll re-think this strategy if sales in the U.S. continue to remain robust...
- India’s Oil Demand Growth Is Set for a Slowdown in 2024
- Exxon Reportedly To Mirror Peers with Cash Bonuses for Risk Traders
- China’s EV Sector Will Become Self-Sufficient By 2060