China has solidified its position as a global leader in the electric vehicle (EV) industry, achieving a record-breaking milestone.
Electric vehicle (EV) sales in China soared by 33% compared to last year, making it the first country to surpass 1 million EV sales within a single month, a feat accomplished in August 2024.
This impressive figure includes both battery electric vehicles (BEVs) and plug-in hybrids (PHEVs).
According to Rho Motion, the demand for EVs remains strong, with 9.8 million battery-powered vehicles sold so far in 2024, representing a 20% year-to-date increase by August.
In contrast, EV sales in Europe have seen a 4% decline, influenced by the end of subsidies in Germany and tariffs on Chinese EVs.
Charles Lester from Rho Motion indicated that China is expected to exceed 1 million sales in multiple months before the year concludes.
China’s thriving EV market highlights a significant shift in the global automotive industry and underlines the challenges European markets currently face.