Global electric-vehicle sales are up 23% year-over-year through October to 16.5 million units, said EV data provider Rho Motion. It cited Benchmark Mineral Intelligence data showing 1.9 million EV deliveries last month.
The worldwide surge contrasted starkly with U.S. EV sales, which plummeted for the month after a sales spike as consumers locked in expiring federal EV tax credits. U.S. EV sales dropped 53% after record-high sales in August and September. Despite the decline, J.D. Power anticipates that consumer interest won't disappear. Sales in North America as a whole rose 4% year to date.
There is a “strong structural demand across major markets,” said Rho Motion Data Manager Charles Lester.
Europe led the EV market with a 32% year-to-date increase, fueled largely by sales in Germany, France and the United Kingdom. China held steady with a 22% increase.
In an effort to bolster its supply chain and promote innovation, the European Commission issued grants for EV battery cell projects. Meanwhile, China is set to cut its 100% purchase tax exemption in half on Dec. 31.
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