Electric vehicles have had another turbulent year around the world, driven by buyers in China and growth in parts of Europe and the United States, despite headwinds.
Electric vehicles reached 50% of new car sales in July in China, a milestone for the world’s largest auto market. This includes all-electric vehicles and plug-in hybrid electric vehicles. Chinese companies, such as BYD, continue to gain ground around the world with their inexpensive electric vehicles.
Electric vehicles have also made progress in Europe and the United States. Uncertainty around purchasing subsidies could complicate matters in 2025, particularly under the Trump administration in the United States. But traditional consumers remain interested in new models, longer battery life, better performance and lower prices.
The transition to electric vehicles is an important part of the clean energy transition. Road transport is responsible for about a sixth of all global energy-related emissions, according to the International Energy Agency. Widespread adoption of electric vehicles could make a significant contribution to combating climate change.
Here are five facts about electric vehicles this year. Most of the data comes from the consulting firm Rho Motion.
How strong have electric vehicle sales been?
The global electric vehicle market, including all-electric vehicles and plug-in hybrids, grew 25% year-over-year in November.
Rho Motion estimates that 15.2 million electric vehicles were sold worldwide before the end of the year, and the International Energy Agency expects electric vehicle sales to reach one in five cars sold in the world. Most sales took place in China.
Where in the world has the electric vehicle market grown the most?
Mexico sold about 5 times more electric vehicles this year than last year, mainly from Chinese automaker BYD, according to Rho Motion.
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Workers assemble an electric vehicle from manufacturer BYD. (Archive photo)
Photo : Reuters / Chalinee Thirasupa
In China, sales of electric vehicles jumped 40% from the previous year.
In the UK, sales are up around 17% year to date. However, in France and Germany, sales declined.
In Turkey, the electric vehicle market has grown by almost 50% since the start of the year, thanks to Tesla’s entry into the market last year and increased sales of Togg, an automobile company Turkish.
In Norway, 90% of new cars were electric vehicles.
What was the best-selling electric vehicle in the world?
The best-selling pure electric vehicles were the Tesla Model Y, followed by the Tesla Model 3, both globally and in the United States, according to Rho Motion.
The Model Y SUV was released in 2020. Its base version today costs nearly $45,000 US (a little over $62,000 CAN).
The Model 3 was released in 2017. The cheapest version sells for around $42,000 US (or around $58,000 CAN).
Both qualified for a tax credit in the United States.
Is Tesla’s situation changing?
According to Rho MotionTesla’s market share stood at 17% of all electric cars worldwide in October.
In the United States, Tesla’s market share was 49% in October. This means that the company still has the largest share of the electric vehicle market. But its grip is shrinking as other automakers sell increasing numbers of electric vehicles. For example, GM, Ford, Honda and others are offering a wider variety of electric vehicles at lower prices and sizes.
Tesla, however, remains the most valuable automobile company in the world, with a market capitalization of US$1.4 trillion.
