Europe got off to a strong start, boosted by new CO2 emission rules in the European Union, while China experienced a dip in sales due to the Chinese New Year holidays, which led to a 43% month-on-month sales drop.
What’s driving the growth?
Governments around the world are pushing different policies to help EVs gain traction, but at the same time, trade tensions and slowing car markets are raising concerns about factory closures and job losses. In January, China extended its car trade-in subsidies through 2025 as part of a new consumer trade-in plan, hoping to prevent a slowdown in EV sales and boost its economy. Meanwhile, Europe kicked off consultations on new CO2 targets with the auto industry, unions, and interest groups.
The latest stats
Globally, fully electric and plug-in hybrid sales have climbed 17.7% year-on-year, reaching 1.3 million vehicles in January.
China saw sales grow by 11.8%, with 0.7 million vehicles sold.
Europe reported 0.25 million vehicles sold, a 21% jump from January 2024. However, France saw a 52% drop due to a new weight tax on PHEVs, while Germany had a 40%+ boost, partly because January 2024 had seen a sharp drop after EV subsidies ended.
In the US and Canada, EV sales rose 22.1%, hitting 0.13 million vehicles.
The rest of the world had a massive 50% increase in sales.
Overall, despite a slowdown in China due to seasonal factors, January showed strong growth for electric vehicles, especially in Europe and North America!
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