According to market research company Rho Motion, worldwide electric vehicle sales are continuing to rise, with China reporting record monthly sales in October despite the removal of subsidies.
China stopped an 11-year subsidy program for EV sales in 2022, but some local governments have continued to give help or tax breaks to stimulate investment as well as consumer subsidies.
In September, EV sales in China, the world’s biggest vehicle market, climbed 29% year on year. During the same time period, the worldwide EV market grew by 34%.
According to Rho Motion, China is nearing the last two months of the year, which are typically strong for automobile sales.
“What is interesting about October’s numbers is that EV demand in China continues to achieve record highs despite the reduction in subsidies… “2023 is expected to be another banner year for China in terms of EV sales,” according to the market research organization.
According to Rho Motion, EV sales increased 26% in European regions where subsidy cuts have impacted on demand, as witnessed in Germany, where company incentives were eliminated in September.
“This (subsidies) is an important factor in the German market as nearly two-thirds of passenger car registrations are commercial,” the company stated in a statement.
Tesla, Mercedes-Benz, and Volkswagen have all cautioned that high borrowing rates and a sluggish market in the area are discouraging buyers. EV sales in North America are up 78% year to far.
“The North American market continues to have a strong 2023, with Tesla still taking the lion’s share of demand as legacy automakers temper ambitions of scaling production,” Rho Motion stated in a press release.
Despite price decreases, Tesla’s market share fell to the lowest on record during the third quarter, at under 50%, according to an October study by dealer services company Cox Automotive.
The advantage that an EV has over your current automobile is its ability to operate silently. The theory is simple: if there is no engine beneath the hood, there will be no noise! The electric motor is so quiet that you can read a book inside! In terms of practicality, no matter how quiet the interior of a vehicle with an engine is, an EV may always deliver a more pleasant ride due to its fully silent operation. EVs are so quiet that manufacturers must create artificial noises to make them safe for pedestrians.
Global EV sales increased 49% to 6.2 million units in the first half of 2023. Global EV sales reached a near-record 1.2 million units in August 2023. Global plugin car registrations increased 23% from September 2022 to 1,291,000 units in September 2023.