Despite Worry about Electric vehicle sales records were set in September in 2024 amid a slowing electric vehicle market, according to a recent report from intelligence firm Rho Motion.
According to the research report, manufacturers sold 1.7 million plug-in hybrid and battery-electric vehicles worldwide in September, breaking a previous record set in December 2023. “This record-breaking month brings new hope to the industry,” said Charles Lester, data manager at Rho Motion, in a statement. The 1.7 million electric vehicles sold in September represent year-on-year growth of 30.5%.
But Lester also pointed out “astonishing” regional differences. More than 60% of September sales came from the world’s second-largest economy, where consumers bought 1.1 million electric vehicles.
The company said 11.5 million electric vehicles were sold in the first nine months of the year, up 22% from the same period last year. Chinese buyers purchased 7.2 million electric vehicles during the same period, an increase of 35%.
Chinese brands are going abroad
China’s electric vehicle manufacturers are now on board venture abroad looking for new sales opportunities, but international politics are making their expansion plans difficult.
The European Union, the United Kingdom and the four countries of the European Free Trade Association represent the second largest electric vehicle market after China. However, the region is reporting a slowdown in electric vehicle adoption, with just 2.2 million vehicles sold in the first nine months of the year , which represents a decrease of 4% compared to the previous year.
Chinese manufacturers of electric vehicles now also have to deal with this new tariffs This can be up to 35%, in addition to the existing import duty of 10%. The EU introduced the new trade tariffs to counter what it says are unfair government subsidies for China’s electric vehicle sector.
Publicly, European officials like Ursula von der Leyen say that negotiations with Beijing are taking place will continue; Both sides have until the end of the month to reach an agreement. Nevertheless, an unnamed senior EU official told Reuters said it would be “very, very difficult” to find common ground by the deadline.
The US and Canada were third behind China and Europe with 1.3 million units sold.
But Chinese manufacturers could take comfort from strong EV sales growth in emerging markets. Rho Motion reported 900,000 units sold between January and September in markets other than China, Europe, the US and Canada. This figure represents a growth of 25% compared to the previous year. “Chinese manufacturers continue to expand their presence abroad with strong exports of electric vehicles to other Asian countries and Latin America,” the report said.
Analysts pointed this out Southeast Asia as a promising region for China’s electric vehicle brands. Chinese manufacturers in markets like Thailand do not face the same import barriers as they do in Europe and North America. Chinese brands like BYD already are move in in markets such as Singapore and Malaysia. BYD has also invested in a factory in Thailand.
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