Global electric car sales are soaring, with China's market leading the way!

According to the latest data from market research firm Rho Motion, global sales of pure electric and plug-in hybrid vehicles saw a 35% year-on-year increase in October, with the Chinese market standing out, experiencing a remarkable 54% surge.

While the European market saw only a modest 0.8% increase in sales in October, it has recorded two consecutive months of year-on-year growth. Data manager Charles Lester stated that the European electric vehicle (EV) market is expected to see stronger growth before the end of the year.

However, the European automotive industry is facing multiple challenges, including high production costs, the transition to electric vehicles, and intense competition from Chinese automakers. As the largest car manufacturer in Europe, Volkswagen has announced plans to close some of its factories in Germany.

Globally, EV sales reached 1.72 million units in October, with China accounting for 1.2 million of these sales, setting a new record. The U.S. and Canadian markets also saw an 11.4% increase in EV sales, reaching 160,000 units. Although the European market showed a slight increase, it declined by 14% compared to September. Rho Motion indicated that the Chinese EV market will maintain strong growth momentum until the end of the year. Lester also noted that November and December are typically peak months for vehicle sales.

To meet the EU's carbon reduction targets, automakers may lower prices to stimulate EV sales. Meanwhile, data from the China Passenger Car Association shows that October sales of passenger vehicles in China grew by 11.2% year-on-year, with local EV brands such as BYD showing strong performance.