In September, the global sales of pure electric and plug-in hybrid electric vehicles increased by 30.5% year-on-year, with China sales setting a new historical high again; Rho Motion data shows that the global electric vehicle sales in September reached a record high of 1.7 million units.
Oct 15th, Financial Alliance News (Editor: Huang Junzhi) Market research company Rho Motion stated on Tuesday that the sales of pure electric and plug-in hybrid electric vehicles globally increased by 30.5% year-on-year in September, with China's September sales setting a new historical high.
Charles Lester, the data manager of Rho Motion, stated in an interview that due to the official US election on November 5th, the sales growth in the US market is slow and steady, making it difficult to predict future trends.
Eye-catching Chinese Market
Rho Motion's data shows that the global electric vehicle sales in September reached a new record of 1.7 million units. The sales in September were 0.15 million units higher than the record set in December 2023. Overall, the global electric vehicle sales have reached 11.5 million units so far this year, an increase of 22% year-on-year.
It is worth mentioning that following the first breakthrough of 1 million units in August 2024, the Chinese market saw another record-breaking growth of 47.9% in September for electric vehicle sales, reaching 1.12 million units.
Rho Motion stated that in the Chinese market, the penetration rate of pure electric and plug-in hybrid vehicles is growing faster than some people expected, "by the end of this year, sales each month may hit a record".
The latest data released by the China Passenger Vehicle Market Information Joint Sub-Committee of the China Automobile Dealers Association shows that the domestic retail penetration rate of new energy vehicles has exceeded 50% for three consecutive months, reaching 53.3% in September, an increase of 16.8 percentage points from September 2023, maintaining a high penetration rate.
The data also shows that in September, the retail sales of new energy passenger vehicles were 1.123 million units, a year-on-year increase of 50.9% and a month-on-month increase of 9.6%. From January to September 2024, the retail sales reached 7.132 million units, a year-on-year increase of 37.4%. Domestic brands BYD, Li Auto, and Xpeng all set their record highest monthly sales in September.
Export volumes also maintained growth momentum: In September, the export of new energy passenger vehicles was 0.105 million units, a year-on-year increase of 19.3% and a month-on-month increase of 6.0%. From January to September 2024, exports totaled 0.968 million units, a year-on-year increase of 30.2%.
Market development varies.
In addition, sales in the USA and Canada grew by 4.3% to 0.15 million units; European sales increased by 4.2% to 0.3 million units, thanks to a 24% increase in the United Kingdom, as well as sales growth in Italy, Germany, and Denmark.
William Roberts, director of automotive research at Rho Motion, stated that they expect electric vehicle sales in Europe to reach 3.78 million units in 2025 and 9.78 million units in 2030, lower than previous forecasts by 24% and 19%, respectively.
Lester commented: "The record-breaking global sales of electric vehicles are bringing new hope to the industry. However, the regional differences are astonishing, with China alone accounting for more than half of the global total, while European numbers are contracting, and the USA and Canada are steadily growing."
