Global demand for electrified cars returned to growth in October, reflecting a very low US comparison base coupled with continued growth in Europe, data from UK-based research firm Benchmark Mineral Intelligence showed on Thursday.
“Even though the Chinese market is down domestically, that has in turn resulted in a lot of OEMs pushing the exports and contributing significantly to the rest of the world,” said Benchmark data manager Charles Lester.
Global sales of new battery-electric and plug-in hybrid electric vehicles climbed 8% from a year ago to 2.09-million vehicles in October, while year-to-date volumes were up 5% at 17.5-million units.
“China’s year-on-year decline narrowed to 12% as manufacturers continued to lean on exports, with passenger car new energy vehicle exports reaching almost 600,000 units, another monthly record,” Lester said.
European sales grew 36%, helped by subsidies, rising fuel prices, EU emissions legislation and a rising number of models.
In the US, October was the first month measured against a period without a federal tax credit for EVs.
While North America returned to growth with a 24% rise, the US market has stabilised at a lower level rather than recovered, Lester said.
Sales in the rest of the world rose 85% and were higher than North America’s, largely driven by growth in Chinese exports, he said.
