Electric Car Sales In 2024
More than 4 million plug-in vehicles have been sold this year in 2024. Yes, this year, not last year, this year And that is a significant increase.
In fact, In fact, global sales reached 1.1 million in 2024. From what I’ve seen, in May, that number will be higher.
That’s according to EV Research House rhoMotion, bringing year-to-date data, sales of 4.3 million, which is 22% higher than the first four months of 2023.
Now, as far as I’m concerned, 22%, it’s not 2.2, it’s not 10, it’s not 12.2, 22%.
Electric vs. Hybrid Vehicles
Batter electric vehicles actually represented 64% of all plug-in vehicles sold this year. So only 36% of these were plug-in hybrids.
Now, it is true that EV sales have dropped, though, in some places.
Regional Sales Trends
France, sales are up by 20%, UK, up by 15%, Germany have gone down by 2%, but there is a pretty good reason for that.
They eliminated all their EV subsidies. Ev subsidies were massive. You’re talking 5,000 to 10,000, approximately, depending on your different factors.
Impact of Policy Changes on EV Sales
All the subsidies now are gone, now one of the things to keep in mind is that places like France, for example, they do now have basically taxes on Chinese EVs.
So the sales of Chinese EVs, in particular, Dacia Spring and Mg models, and also the Tesla Model 3.
They’ve all gone down a bit because of these new taxes. So that has slowed down sales, but it doesn’t really matter really that much for companies like Mg.
And really, to be honest, for Tesla, they’re still selling a hell of a lot of electric cars.
Trends in Specific Markets
The North American car market, EV sales have grown 7% versus the first four months of last year.
But Canada has grown a hell of a lot more, your EV sales, have grown by 27%.
The Chinese market, of course, is well and truly leading Ev sales there have grown by 30% versus the first four months of last year.
Plugin hybrid sales, though, are up 74%. Byd, of course, are having their first two months of the year, sales were not that great and of course, that’s pretty normal for China.
BYD’s Remarkable Growth Trajectory
But for example, BYD sales in February were shockingly bad.
Since then, they’ve rebounded enormously, and they’ve been selling more than 300,000 vehicles per month.
By the time we get to the end of this year, we’re going to see BYD probably doing around 500,000 cars per month.
That’s what I’m predicting, but it seems very likely that will happen based on BYD’s current trajectory and the normal situation with the last four or five months of the year in China, which are always big selling months.
But BYD is just increasing market share in China and the key reason is because they stopped manufacturing internal combustion engine vehicles at the beginning of last year.
What about January of last year, they stopped. Look how that turned out for them. There was a risk for BYD.
Byd were making a profit selling gasoline-powered vehicles, but they realized that wasn’t the future.
They realized that it doesn’t really matter what the media tells you. It doesn’t matter if they fabricate a story.
What matters is consumer demand and giving them a better product.
We just bring out another internal combustion vehicle with an inefficiency gain of 0.1% at probably a higher price because of inflation.
The customer is not getting a better product. They’re for last year, but it’s pretty much the same thing, Ev sales are continuing to rise.