EV Sales Grew Substantially in 2024, according to Report

• China is still the best market for EVs.

• December was a profitable month for automakers with a surge in sales.

Interest in electric cars grew significantly last year, despite the growing popularity of hybrid and plug-in hybrid alternatives. These are the findings of worldwide sales figures. The month of December contributed to these record figures, thanks to the application of substantial discounts on certain models in the final stretch of the year. We should also note the contribution of the Chinese market, which continues to focus on the electric alternative, as well as Europe, which has started buying electric again.

As reported by Rho Motion, government incentives have boosted sales figures in China, as well as in the UK, which has overtaken Germany to become Europe’s largest EV market.

More than 17 million electric vehicles were sold in 2024, 11 million of them in China alone, demonstrating the importance of the Chinese market on a global scale.

December was a particularly profitable month for sales of EVs and PHEVs. No fewer than 1.9 million electrified vehicles were sold in the last month of 2024 alone.

In North America, despite popular belief, EV sales ended the year on a high note, with an estimated 8.8% increase (compared to December 2023) and 190,000 vehicles sold in December. On the other side of the ocean, the European continent purchased 310,000 electric vehicles, representing a 0.7% gain, when compared to December 2023.

Unfortunately, forecasts for 2025 are less optimistic, especially after the removal of government incentives in some markets around the globe. Canada has just confirmed the end of its program, and Germany has already terminated its own. And it’s a safe bet that the trend will accelerate in the months ahead.

In fact, the inauguration of Donald Trump as President of the United States could have a detrimental effect on electric vehicle sales, even if the man in question talks very often to Elon Musk, Tesla‘s co-founder and now head of the US government’s Department of Efficiency.

It’s safe to say that 2025 will be a complex year for EV sales around the world.