(FILES) This photo taken on April 18, 2024 shows BYD electric cars for export waiting to be loaded onto a ship at a port in Yantai, in eastern China’s Shandong province. Sales of electric and hybrid vehicles jumped more than 40 percent in China in 2024, as demand for new energy models continues to surge and the sector remains entrenched in a gruelling price war. (Photo by AFP) / China OUT / CHINA OUT / CHINA OUT
Paris, France — Electric car sales rose by 25 percent globally last year, surging in China but slowing in Europe, according to figures published Tuesday by the British consultancy Rho Motion.
A record 17.1 million battery electric vehicles (excluding plug-in hybrids) were sold last year across the world, according to figures compiled by the firm.
Article continues after this advertisementChina pulled further ahead as the world’s leading market for electric cars, with 11 million sold, an increase of 40 percent from 2023.
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In Europe (including Britain, Iceland, Norway and Switzerland), sales slipped by three percent to three million vehicles after four years of strong growth. In an overall declining market in Europe hybrids took the largest market share at the expense of petrol and diesel vehicles.
Article continues after this advertisementThe end of state financial purchase incentives to consumers penalized sales in Germany last year, while they jumped by 21.4 percent in Britain, which became Europe’s top market for electric vehicles, due in part to sales objectives imposed on carmakers.
Article continues after this advertisementElectric vehicle sales also rose in the United States and Canada, climbing nine percent to 1.8 million vehicles.
Article continues after this advertisementRho Motion noted that government measures, or the absence of them, play an important role in the sales dynamics as electric vehicles remain considerably more expensive.
“What is clear is that government carrots and sticks are working,” said Rho Motion data manager Charles Lester in a statement.
Article continues after this advertisementHe said plans by president-elect Donald Trump to halt sales incentives would almost certainly have an impact on electric vehicle sales in the United States in 2025.
This development was the latest milestone for the company, which has seen its local market grow in value to multiple hundreds of millions of pesos annually.
READ: EV sales in PH seen growing by 10% in 2024
In Europe tighter emissions limits could help sales of electric vehicles in 2025.
Another Rho Motion analyst, William Roberts, said European governments were not prioritizing incentives for electric vehicles and new models were still subject to high tariffs.
European tariffs could begin to slow the import of Chinese electric vehicles made by the likes of BYD and SAIC, which sells under the MG brand.
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But with Leapmotor set to begin production in Europe at a Stellantis factory and BYD also building a European factory, Chinese carmakers could continue their conquest of market sharemwplay888, according to the analysts.
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