Market research firm Rho Motion stated on Wednesday that the global sales of all-electric and plug-in hybrid electric vehicles in October increased by 35% compared to the same period last year, with China's sales growing by 54%.
Finance and Economics APP noticed that market research firm Rho Motion stated on Wednesday that the global sales of all-electric and plug-in hybrid electric vehicles in October increased by 35% compared to the same period last year, with China's sales growing by 54%. Data Manager Charles Lester stated that European sales only grew by 0.8%, but showed year-on-year growth for the second consecutive month. The research firm expects growth in the region this year.
The European auto industry is facing many challenges, including high production costs, management shifting towards electric cars, and competition from Chinese rival car manufacturers.
Volkswagen, Europe's largest auto manufacturer, announced plans to close at least three factories in Germany last October.
Rho Motion's data shows that global electric vehicle sales (both pure electric vehicles and plug-in hybrid cars) reached 1.72 million units in October.
In China, sales reached a record 1.2 million units. In the USA and Canada, electric vehicle sales increased by 11.4% to reach 0.16 million units, while in Europe, electric vehicle sales reached 0.26 million units, slightly up compared to the previous year, but down by 14% from September. Sales in other regions of the world increased by 10.9%.
Sales in other parts of the world increased by 10.9%.
Rho Motion stated, "With China's auto sales entering the final two strong months of the year, the Chinese electric car market shows no signs of slowing down."
Leicester said that November and December are often seasonally strong months.
He noted that the EU's carbon reduction targets set for next year could lead to price reductions, as auto manufacturers aim to increase electric car sales to meet the targets and avoid fines.