Global EV Sales Hit Monthly Record in October on Strong Performance in China -- OPIS

A record of more than 1.7 million electric vehicles were sold globally in October, climbing by more than 50,000 to eclipse the previous high mark set in September, according to the consulting firm Rho Motion.

China was responsible for more than 70% of the October sales, with more than 1.2 million EVs being purchased in that country during the month, according to the firm. Chinese EV sales were 6% higher than in September and up more than 50% from the same month last year, Rho Motion said.

The firm noted that the rate of EV adoption is outpacing the rest of the world in 2024. Year to date, there have been 8.4 million sales in the country, up 38% from the same period in 2023. Chinese sales in the first 10 months of the year make up about 63% of the total 13.3 million sold globally during the period. Overall year-to-date EV sales are up 24% compared to the same period in 2023.

An indication of China's strength in global EV markets is that Shenzhen-based BYD Auto reported total sales of more than 500,000 during the month, up by 80,000 from September. The company's exported more than 30,000 units in October, in keeping with levels seen in the previous three months, according to Rho Motion.

Combined electric vehicles sales in the U.S. Canada have totaled 1.4 million in the first 10 months of 2024, a 9% increase from the same year-to-date sales seen during the period in 2023.

Electric vehicle sales in much of Europe totaled around 260,000 vehicles in October, up 1% year to year but a 14% decline from September's numbers. Year to date, sales in the European Union, European Free Trade Association and United Kingdom total 2.5 million through October, down 3% from the same period last year.

Rho Motion bills itself as a leading research house on global markets for EVs and associated technologies.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Steve Cronin, scronin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com

(END) Dow Jones Newswires

November 13, 2024 15:32 ET (20:32 GMT)

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