According to market research firm Rho Motion, sales of plug-in hybrid and fully electric vehicles rose 35% worldwide in October over the same month the year before, with China leading the way with a 54% gain. Despite a mere 0.8% gain in sales, European sales were up on an annual basis for the second consecutive month, according to data manager Charles Lester, who told Reuters that the research organization expects a robust year-end in the region.
The European auto sector is dealing with a number of challenges, including high production costs, negotiating the switch to electric vehicles, and an influx of lower-priced cars from Chinese rivals. The biggest European manufacturer, Volkswagen, declared that it would shut down at least three of its operations in Germany in October.
In October, 1.72 million EVs, whether fully electric or plug-in hybrids, were sold worldwide, according to data from Rho Motion. China sold a record 1.2 million automobiles.
EV sales in the US and Canada climbed 11.4% to 0.16 million, while EV sales in Europe reached 0.26 million, up 14% from September but marginally up on the year. In the rest of the world, sales increased by 10.9%.
According to a statement from Rho Motion, “the Chinese EV market shows no signs of slowing down as it enters the final two strong automotive sales months of the year.” According to Lester, seasonally strong months are usually November and December.
The EU’s carbon emission reduction targets for the next year may lead to price reductions, he said, as manufacturers look to boost EV sales to meet the targets and avoid penalties.
According to data provided last week by the China Passenger Car Association, China’s passenger car sales in October rose 11.2% year over year, headed by local EV leader BYD.
