EV Sales Are Booming Worldwide As The U.S. Market Crashes

Global EV Sales Continue to Rise Despite North American Slump

While sales of electric vehicles (EVs) and plug-in hybrids (PHEVs) suffered in North America, they’re expected to remain strong in China and Europe for the rest of the year.

Key Statistics:

• Around 1.9 million plug-in vehicles were sold globally in October.
• 1.3 million were fully electric vehicles delivered last month.
• European EV sales climbed 36 percent to 372,786 units in October.

The global picture told a more upbeat story, with worldwide sales of battery-electric and plug-in hybrid vehicles climbing 23 percent, powered by a surge in demand across Europe and China. According to data from Rho Motion, an estimated 1.9 million electric and plug-in hybrid vehicles were sold globally last month, a 23 percent rise over October 2024.

Regional Breakdown:

• China continues to lead the way with a total of 1.3 million EVs and PHEVs sold last month, marking a 6 percent increase over the same month last year.
• Europe saw October deliveries jump 36 percent from last year to 372,786 units, including 32 percent growth in BEVs and an even steeper 47 percent climb in PHEVs.
• North America, however, saw a significant decline in EV sales, with a 41 percent drop to 100,370 units.

Year-to-Date Sales:

• Global: 16.5 million, +23%
• China: 10.3 million, +22%
• Europe: 3.4 million, +32%
• North America: 1.6 million, +4%
• Rest of World: 1.3 million, +48%

What’s Behind the North American Slump?

The loss of the federal EV tax credit in the United States threw a wrench into sale figures in October. Month-on-month comparisons show a steep drop in sales, with Ford’s BEV sales falling 60 percent, Hyundai’s plunging 77 percent, and Kia’s dropping 77 percent.

Market Outlook:

Rho Motion data manager Charles Lester expects the European and Chinese markets to remain strong through the rest of the year, aided by a “pull forward” effect as China transitions from a full purchase tax exemption on new energy vehicles to a 50 percent exemption.

Overall, while the North American market faces challenges, the global EV market continues to show resilience and growth, driven by strong demand in China and Europe.