Electric vehicles expand market globalization - 2.1 million cars sold in September, 26% increase from last year
Global sales of fully electric and hybrid vehicles rose 26% in September from a year earlier, reaching a record 2.1 million units, Rho Motion said. The growth was driven by strong demand in China and a recent wave of tax credits in the United States.
China accounts for about two-thirds of global sales with about 1.3 million units, while North America also set a record as buyers tried to secure incentives before they expired.
China is the world's largest car market. September, usually the busiest month for car purchases, saw a surge in sales as buyers took advantage of car-trade-in subsidies before some regions phased them out.
Demand in the U.S. was boosted by a rush to take advantage of the $7,500 federal tax credit for electric vehicles. However, demand is expected to decline sharply in the fourth quarter as consumers and businesses lose access to these incentives.
Europe also reached a new high, helped by stimulus measures in Germany and strong demand in the UK. The launch of the Tesla Model Y on the continent is expected to further intensify competition in the coming months.
Registrations in Europe expanded by 36% to 427,541 units, while in North America they rose by 66% to around 215,000. Sales in the rest of the world increased by 48% to 153,594 vehicles.
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