Global EV Sales Experienced a Record-Breaking November

Global sales of plug-in hybrids (PHEVs) and battery EVs (BEVs) increased by 20% year-over-year during November, based on information from the market research firm Rho Motion.

According to Reuters, BEV and PHEV sales hit a monthly record of 1.4 million units during November 2023, up from 1.1 million units the year prior.

“Sales have continued to rise despite a lot of negative sentiment in the market, and we’re expecting sales to remain strong in December,” said data manager Charles Lester.

BEVs made up 70% of global sales in November while the remaining 30% were PHEVs.

China recorded a 25% increase in sales while purchases also grew by 43% in Canada and the U.S. Meanwhile, sales in Europe fell by 3% year-over-year.

Rho Motion said that the drop-off in Europe reflects a strong end of the year in 2022 because Germans bought EVs before government subsidies kicked in.

Lester added that sales should remain strong in Europe as carmakers aim to meet emissions goals ahead of 2025. He also said that France’s targeted subsidies for EVs will “have a bigger impact” on vehicles like Renault’s Dacia Spring than on BYD cars because those automobiles “are only just starting to be sold” in France.

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• Source: https://www.supplychainbrain.com/articles/38664-global-ev-sales-broke-records-in-november