Automakers to sell more than 17 million fully electric and plug-in hybrid vehicles in 2024 – Investing.com report
Investing.com — Global sales of all-electric and plug-in hybrid vehicles will grow by a quarter in 2024, reaching over 17 million cars.
This increase was supported by a fourth consecutive month of record sales in December, with the Chinese market continuing to expand and the European market stabilizing, according to data released on Tuesday.
Sales growth has been fueled by incentives and emissions targets, which have boosted electric vehicle sales in China and helped the UK overtake Germany as Europe’s biggest battery electric market in 2024, according to a report by research firm Rho Motion.
Manufacturers of electric cars consider 2025 to be a crucial year. This is due to a possible slowdown in sales growth in China, the introduction of new emissions targets in Europe and uncertainty over potential policy changes in the US under the incoming Trump administration.
Global sales of fully electric and plug-in hybrid vehicles rose 25.6% year-on-year to 1.9 million in December, according to data from Rho Motion. Despite this, the growth rate slowed for the second month in a row.
In China, sales rose 36.5% to 1.3 million vehicles in December, bringing total sales for 2024 to 11 million. Meanwhile, in the United States and Canada, electric vehicle sales rose 8.8% to 0.19 million in December.
Europe reported sales of 0.31 million, a slight increase of 0.7% compared to December 2023. In the rest of the world, sales for December increased by 26.4%.
This article was generated with the support of artificial intelligence and reviewed by an editor. See our T&C for more information.
