Global EV Sales Touch 9.8M In 2024 At August End, But US Market's Fate Tied To Upcoming Elections, Says Rho Motion

Global electric vehicle sales, including both battery electric vehicles and plug-in hybrid vehicles, in the eight months from January to August this year have touched 9.8 million, marking a growth of 20% when compared to the corresponding period last year, research firm Rho Motion said on Thursday.

What Happened: Of these overall EV sales, 6 million were sold in China, 1.1 million in the U.S. and Canada, and 1.9 million in the EU, EFTA, and the UK collectively, Rho Motion said.

1.5 million EVs were sold around the world in August alone, with a million of them sold solely in China.

"China surpassing one million EV sales in a month is just the beginning. We anticipate this milestone to be reached multiple times before the end of the year as sales typically surge in the latter half of the year,” Charles Lester, Rho Motion Data Manager, said.

“Meanwhile, continued subsidy cuts and trade barriers in Europe are having a negative impact on sales which have shrunk for the first time for any region. The US & Canada are enjoying healthy sales growth rate with the outcome of the Presidential election set to have a major impact later this year.”

Upcoming U.S. Presidential Elections And EV Sales: Rho Motion deems the upcoming elections in the U.S. to be key in determining the future of EVs in the country.

“November's presidential election could be the singular defining moment for the continued success of the industry,” Rho Motion's Automotive Lead Will Roberts said, while also noting that the Inflation Reduction Act (IRA) of 2022 introduced by the Biden administration greatly benefited the EV market over the past few years.

“Our scenario analysis reveals the criticality of the election – either on the brink of near unstoppable electrification of the auto industry, or a significant slowdown that leaves it lagging dangerously behind. This all depends on what happens in ballot boxes across the country in less than two months,” he added.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read More:

• Tesla CEO Elon Musk Considers Making Steering Yoke Stationary While Cybertruck Parks Itself

Photo courtesy: Shutterstock