Despite concerns regarding EV sales, the global market has seen a 30% increase this year, with US sales rising by 28%. This growth is attributed to American drivers capitalizing on IRA tax breaks before they expire, in contrast to the previous year's 8% growth. The European Union's growth was lower at 29%, influenced by a new tax on plug-in hybrids. Meanwhile, China leads with a 35% increase in EV sales, bolstered by a year-over-year growth of 73% in specific months due to lunar new year timing.
American drivers bought 30 percent more electric vehicles than they had by this time last year, making use of the final months of IRA tax breaks before the incentives are expected to be pulled later this year.
The expected loss of government incentives and the prospect of new tariffs that will add tens of thousands of dollars to new car prices, now is probably a good time to buy an EV if you think you're going to want or need one.
Growth in the much more EV-tolerant European Union was barely higher, at 29 percent for the year to date, helped by a new tax on plug-in hybrid weight in France.
China is speeding past the rest of the world in terms of electrifying its transportation, and unsurprisingly it comes out on top in Rho Motion's data, with 35 percent growth for the year to date compared to 2024.
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