China's record high+European recovery, global electric vehicle sales surged 30.5% in September

The Zhitong Finance App learned that according to the latest data from market research firm Rho Motion, global sales of all-electric and plug-in hybrid vehicles increased 30.5% year-on-year in September. Among them, sales in the Chinese market reached a record high, and the European market also resumed growth. Despite global demand for electric vehicles cooling down and facing import tariffs of up to 45%, Chinese automakers are still seeking to expand sales in the EU market.

Specifically, global sales of electric vehicles reached 1.69 million units in September; sales in the Chinese market increased by 47.9% to 1.12 million units, while sales in the US and Canada increased 4.3% to 150,000 units. In Europe, sales of electric vehicles increased 4.2% to 300,000 units, thanks to increased sales in the UK, Italy, Germany, and Denmark.

Rho Motion's data reveals positive trends in the global electric vehicle market, although the US market's rise is slow and steady due to the anticipated November 5 election, making predicting future trends complicated. In the Chinese market, whether fully electric vehicles or plug-in hybrids, their penetration rate is growing faster than expected, and sales are expected to reach new highs every month by the end of the year. The 7% year-on-year increase in the German market is seen as a positive sign, and the EU's medium-term carbon reduction target next year will challenge the market.

Although France announced a reduction in support for electric vehicle buyers earlier this month, Germany also agreed to reduce electric vehicle sales tax for companies in September after ending a subsidy program aimed at speeding up the green transition. These policy changes may affect market development.

Rho Motion predicts that European electric vehicle sales will reach 3.78 million units and 9.78 million units in 2025 and 2030, respectively. Although this forecast is 24% and 19% lower than previous expectations, respectively, it still shows the huge potential of the market. These data and predictions provide a valuable reference for the future development of the global electric vehicle market.