Popularity of electric vehicles has been increasing day by all over the world. Now, reports have revealed that the Chinese market has retailed over 1 Million units of electric vehicles in just one month. This makes China the first country in the world to register over 1 Million units of electric vehicles. This impressive number has been achieved for the month of August 2024. The sales number includes both battery electric vehicles as well as plug-in hybrid vehicles.
33% Growth Compared to 2023
According to sources, the number has been published by London-based research house Rho Motion. This also reveal that the Electric Vehicle sales market in China has grown by 33% compared to the last year. In addition to this, reports also reveal that the demand for the electric vehicle market has bee growing further with more than 9.8 million battery powered vehicles sold so far. Also, the EV market is showing a year to date growth of 20% as of August.
Drop in EV Sales in Europe
While electric vehicle sales are improving in the Chinese market, the European market is showing a decline in EV sales. The EU and UK have registered a drop in sales of electric vehicles as mush as 4%. However, reports reveal that the fall in sales is due to the ed of subsidies in Germany and the higher taxes applied to the electric vehicles imported from China to Europe. Also in the US and Canadian markets, sales of electric vehicles were up by 8% with 0.16 Million units.
Reports further reveal that the milestone of 1 million EV sales in a month is just the start and many more such milestones are likely to be achieved in the near future. Previously, the Chinese market had set a record with sales of 70,000 vehicles which was achieved last December. This year, EV sales in China is likely to cross the 10.5 Million mark.
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