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Europe Industry Forecast

Global EV Sales up 12% in March, Down 9% in Europe, Rho Motion Says

Global sales of fully electric and plug-in hybrid vehicles (PHEVs) rose 12% in March versus the same month in 2023, with growth in China and the U.S. market partly offset by a 9% drop in Europe, market research firm Rho Motion said on Friday.

“Overall, sales growth has slowed but it’s still somewhat positive,” Charles Lester, data manager at Rho Motion, told Reuters.

Sales demand for electric cars has cooled in recent months after rising dramatically for several years, as consumers wait for more affordable models to hit the market.

Global electric vehicle sales rose to 1.23 million units in March. Sales rose 27% in China and 15% in the United States and Canada.

Rho Motion has predicted that global electric car sales will rise between 25% and 30% this year. Lester said that global growth will likely now be closer to the lower end of that forecast.