China breaks barrier: First nation to sell over 1 million Battery EVs in just a month
China has become the first country to sell over a million electric vehicles (EVs) in a single month, according to data from market research firm Rho Motion. Achieved in August 2024, this milestone surpasses the previous record set in December last year by 70,000 vehicles, Fleet World magazine reported. Rho Motion’s data manager, Charles Lester, said that this achievement was just the beginning, with expectations for similar milestones in the months to come.
The report quoted Lester as saying:
China surpassing one million EV sales in a month is just the beginning.
“We anticipate this milestone to be reached multiple times before the end of the year as sales typically surge in the latter half of the year,”
Driven by record EV sales in China, the worldwide sales of fully electric and plug-in hybrid vehicles jumped by a yearly 20% in August, the market research firm stated. The numbers were achieved despite a 33% drop in Europe to its weakest month since January 2023, Reuters stated.
In Europe, Lester noted that the continued subsidy cuts and trade barriers are having a ‘negative impact on sales,’ shrinking for the first time for any region.
EV sales in China this year to rise by one-third from 2023 to 10.5 million vehicles. On the other hand, it is hoping European sales to be roughly in line with last year’s 3.1 million units.
In August 2024, a total of 1.47 million EVs, including both fully electric (BEV) or plug-in hybrids (PHEVs), were sold around the world. So far, 9.8 million electric vehicles have been sold worldwide this year, data shows.
In Europe, the year-to-date sales declined by 4% and were weighed down by a 23% drop in Germany over a cut of subsidies. But, the sales were up by 8% to 0.16 million units in countries like the US and Canada.
As per the Reuters report, the demand for EVs has cooled down in recent months after witnessing a rise for multiple years. This is because the consumers looking forward to more affordable models or are opting for hybrid alternatives. This has ultimately led several automakers to scale back on their electrification plans.
Meanwhile, the carmakers in China have been strongly advised to make sure that the advanced electric vehicle technology stays in the country, people familiar with the matter told Bloomberg.
The Chinese automakers have been encouraged to export the so-called knock-down kits to the factories they have built around the world. However, this means that the key parts required in the making process will be produced domestically and later sent for final assembly to the destination market.
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China breaks barrier: First nation to sell over 1 million Battery EVs in just a month, source