Global electric vehicle (EV) sales, including fully electric and plug-in hybrids, rose by 25% in 2024, exceeding 17 million units, according to data released by Rho Motion on 14 January. December marked a fourth consecutive month of record-breaking sales, driven by China’s strong growth and stabilisation in Europe.
China accounted for the majority of global EV sales, with December figures reaching 1.3 million vehicles, a 36.5% increase year-on-year. Total sales in the country hit 11 million for the year, reinforcing its position as the world’s largest EV market.
Meanwhile, Europe recorded 310,000 EV sales in December, up 0.7% from 2023, with the UK surpassing Germany as the continent’s largest battery-electric vehicle market in 2024.
In the United States and Canada, EV sales rose 8.8% in December to 190,000 vehicles. However, the potential removal of subsidies under the incoming Trump administration raises concerns for the sector.
Rho Motion noted that Germany’s subsidy removal had a significant impact on European EV sales, warning of similar challenges in the US if policy changes are implemented.
The European Union is introducing stricter carbon dioxide emissions targets, prompting automakers to explore carbon credit purchases from EV manufacturers such as Tesla and Polestar to avoid fines. Despite tariff introductions on Chinese EVs in late 2024, Rho Motion reported no significant sales downturn for major Chinese models in the region.
To support EV adoption and economic growth, China extended its auto trade-in subsidies on 8 January 2025. The scheme aims to maintain sales momentum as the country continues its push for widespread EV adoption.
