(Reuters) – Global demand for electrified cars returned to growth in October, reflecting a very low US comparison base coupled with continued growth in Europe, data from UK-based research firm Benchmark Mineral Intelligence showed on Thursday.
“Even though the Chinese market is down domestically, that has then in turn resulted in a lot of OEMs pushing the exports and contributing significantly to the rest of the world,” Benchmark data manager Charles Lester told Reuters.
- Global sales of new battery-electric and plug-in hybrid electric vehicles climbed 8% from a year ago to 2.09 million vehicles in October, while year-to-date volumes were up 5% at 17.5 million units
- “China’s year-on-year decline narrowed to 12% as manufacturers continued to lean on exports, with passenger car NEV (new energy vehicle) exports reaching almost 600,000 units, another monthly record,” Lester said
- European sales grew 36%, helped by subsidies, rising fuel prices, EU emissions legislation and a rising number of models
- In the US, October was the first month measured against a period without a federal tax credit for EVs
- While North America returned to growth with a 24% rise, the US market has stabilised at a lower level rather than recovered, Lester said
- Sales in the rest of the world rose 85% and were higher than North America’s, largely driven by growth in Chinese exports, he added
Reporting by Mathias de Rozario in Gdansk, editing by Milla Nissi-Prussak
