Global EV sales up 69pc in Jan

LONDON - Global electric vehicle sales jumped 69 per cent in January from a year earlier but were down 26 per cent from December, reflecting subsidy cuts or tighter rules in Germany and France and seasonally weaker sales in China, market research firm Rho Motion said on Wednesday.

Sales of fully-electric cars, or battery electric vehicles (BEVs), and plug-in hybrids hit 1.1 million in January, up from 660,000 in January 2023.

Rho Motion data manager Charles Lester told Reuters that EV sales in Germany and France fell around 50 per cent in January versus December after Germany scrapped its subsidies and France tightened requirements for its subsidies.

But he added that new CO2 limits for the European Union that come into effect in 2025 mean automakers will spend this year beefing up their offerings of BEV and hybrid models.

“What is really going to spur on sales is the EU emission standards for 2025,” Mr Lester said.

In the US market and Canada, January sales were up 41 per cent versus a year ago and they almost doubled in China.

Sales in the EU, European Free Trade Association (EFTA) and the United Kingdom rose 29 per cent.

Against December, sales in China were down 26 per cent ahead of Chinese New Year. They were down 32 per cent in Europe and 14 per cent in the US and Canada.

Last month, when reporting results, General Motors said it would launch plug-in hybrid vehicles in North America, reversing a strategy of bypassing hybrid powertrains in that market.

US hybrid sales have been rising as consumers balk at high EV prices and recharging infrastructure challenges.

“Looking at the US and Canada, the main story right now is the potential re-emergence of plug-in hybrids that GM announced,” Mr Lester said.