Global sales of electric vehicles (EVs) and plug-in hybrid vehicles (PHEVs) reached a remarkable 17.1 million units in 2024, marking a 25% increase from the previous year, according to research firm Rho Motion. This surge was primarily driven by a significant 40% leap in sales within China, which accounted for 11 million units sold, despite a decline in the European market.
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Tesla's Model Y emerged as the best-selling car in China, with nearly 480,000 units sold, thanks to overwhelming consumer demand, highlighted by 50,000 sales on its launch day alone. The growth in the Chinese market is attributed to robust government incentives and the extensive range of models offered by manufacturers like BYD, alongside a noteworthy increase in both PHEV and battery electric vehicle (BEV) sales.
In North America, EV sales maintained a steady pace, rising 9% to 1.8 million units across the U.S. and Canada. However, disparities exist, with Europe facing a slight decline of 3% while Asia saw a remarkable 37% rise. As Tesla and BYD continue to dominate the market, the competitive landscape of the automotive industry evolves amid ongoing challenges and uncertainties.
News Source: finance.yahoo
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