The international market of all-electric and electrified light passenger cars has boomed in year-on-year expression this January, nearly doubling in size. At the same time, it fell 26% compared to December 2023, Reuters reports quoting data from Rho Motion.
Car buyers all over the world have bought 1.1 million hybrids and full-electric cars in January 2024. This is 69% more than in January 2023 with 660,000 units. However, the results of this January pale compared to last December, as well as June, August and the entire fall of 2023.
In Europe, year-on-year EV sales have risen by 29%. In the United States, the growth has been even bigger at 41%, and China has managed to nearly double its EV adoption rates. Still, as state subsidies get canceled in some regions and regulations grow stricter in the industry, the electrification is slowing down all around the globe. As for China in particular, the country has a traditional lapse in sales in January due to the Chinese New Year preparations, so this month isn’t entirely representative like that. Most market analysts believe the situation will correct itself in a few months.