February 6, 2025
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Global EV Sales Surge by 25% in 2024, Driven by China and Europe

Global sales of fully electric and plug-in hybrid vehicles rose by 25.6% year-on-year to over 17 million in 2024, bolstered by a record-breaking December and strong demand in China. December alone saw 1.9 million EVs sold, with China contributing 1.3 million vehicles, reflecting a 36.5% surge. European sales stabilized, with Britain surpassing Germany as the region’s largest battery-electric market, driven by government incentives and emission targets, according to data from Rho Motion.

While China’s EV market showed robust growth with a total of 11 million units sold in 2024, Europe faced challenges from subsidy cuts, particularly in Germany, which dampened regional sales momentum. The United States and Canada recorded moderate growth of 8.8% in December, reaching 0.19 million units, while the rest of the world experienced a 26.4% increase. Automakers in Europe are turning to carbon credit purchases from companies like Tesla and Polestar to meet strict CO2 emission targets and avoid penalties.

Looking ahead to 2025, the global EV landscape faces uncertainties. China’s growth is expected to moderate, while new emission regulations in Europe could reshape the market. In the U.S., potential policy changes under the Trump administration could impact subsidies and incentives. To boost EV adoption, China extended its auto trade-in subsidy scheme into 2025, signaling a continued commitment to supporting its electric vehicle industry.

Pic Courtesy: google/ images are subject to copyright

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