EV Update Media – Electric Vehicles and Battery Industry News & Updates

A platform specially designed and developed to keep the industry updated with the right Knowledge, News and Information about developments happening in the Electric Vehicles & Battery sector

America China Europe India Industry Forecast

Over 4 Million Plugin Vehicles Sold Globally in 2024

Global EV sales reached 1.1 million units in April 2024, according to EV research-house, Rho Motion, bringing year-to-date (YTD) sales to 4.3 million, 22% greater than the same period in 2023. Battery Electric Vehicles (BEVs) represent 64% of units sold so far in 2024, with the remaining 36% Plug-in Hybrid (PHEV).

EU & EFTA & UK has grown by 8% YTD, with France growing by 20%, the UK by 15%, and Germany falling by 2% following the elimination of all EV subsidies there at the end of 2023. Despite narrowing subsidy requirements in France, now favouring home-grown manufacturers, the market has grown by 20% YTD. However, sales of Chinese-made EVs in France, such as the popular Dacia Spring and MG models, have fallen over the past two months. Elsewhere, the Volvo EX30 has made a strong start to sale, already making it into the top 10 BEVs sold in Europe YTD. The Volvo EX30 features an LFP battery for its standard range model and NCM for its extended range option.

“April’s electric vehicle sales figures shows a strong global market as sales grow 22% year-on-year. In Europe, France has managed to walk the line between cutting subsidies for foreign cars without dampening demand, while Germany’s sudden cut to all subsidies has had a devastating impact on the market there which has shrunk 2%.”

The North American market has increased by 7% YTD, with Canada leading EV sales growth in the region with 27% YTD.

The Chinese market continues to march ahead of the pack, expanding by 30% YTD. BEV sales have increased by 10% YTD and PHEV sales by 74%, owing to growing PHEV production by BYD and the rising sales figures of Range Extender Electric Vehicles (REEVs). BYD also reported record NEV export sales of over 40,000.