Analysts: EV sales rise in China, stall for the rest of the world

Ro, 19 June 2024

According to the latest market research by Rho Motion, the global EV market is expanding, but mainly due to the rising demand for EVs in China. The North American and European markets, on the other hand, are stalling.

EV sales rise in China, stall for the rest of the world

For the January-May timeframe, China saw a 31% growth year-over-year and a 36% uptick just in May. In comparison, North America and Europe experienced a 5% and 4% rise in the January-May period, respectively. And in May, Europe and North America saw 9% and 3% decrease in sales on a yearly basis, respectively.

As a whole the global market is posting a strong 20% increase for both periods - January-May and May alone. But that just comes to underline how far ahead China is when it comes to electrification of its cars - it can essentially move the entire industry. The Chinese EV marketaccounts for more than 50% of global sales, which amount to 5 million shipments from January to May this year.

Analysts believe the economic hurdles in North America and Europe are hurting EV sales along with declining incentives. The introduction of higher tariffs on Chinese EV imports in both the US and the EU has resulted in even lower demand for EVs as a good chunk of those are imported from China.



Reader comments

  • Anonymous

What really is hurting sales is: 1. Price 2. Fee places to charge them 3. The time it takes to charge them The technology is not there just yet, the infrastructure is not developed like it obviously is in China. Imagine for example Albania...



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