Global electric vehicle sales hit a record 2.1 million

The global electric vehicle market hit a new record in September with 2.1 million units sold, but faces challenges as incentives in many major markets are about to end.

Global sales of electrified vehicles, including pure electric vehicles (BEVs) and plug-in hybrids (PHEVs), hit a record 2.1 million units in September, up 26% year-on-year, driven by booming demand in China, the US and Europe, according to data from market research firm Rho Motion.

Global electric vehicle sales recorded impressive growth in September, largely thanks to supportive policies.

Rebound from key markets

China continues to assert its position as the world's largest auto market, accounting for about two-thirds of total global electric vehicle sales, with about 1.3 million vehicles delivered to customers in September. This figure demonstrates the indispensable leading role of this market in the electric vehicle revolution.

In North America, the market also recorded a record month with a growth of 66%, reaching about 215,000 vehicles. This growth was strongly boosted by US consumers buying cars to take advantage of the $7,500 federal tax incentive before the program ended. Similarly, Europe also had a successful month with 427,541 vehicles sold, up 36% compared to the same period last year. Supportive policies in Germany and stable demand in the UK were the main factors driving the market in this region.

Tesla has launched lower-priced versions like the Model Y Standard to stay competitive as incentives are cut.

Challenges when preferential policies narrow

Despite the impressive numbers, the electric vehicle market is facing many challenges in the final quarter of the year, especially in the US. Mr. Charles Lester, data manager at Rho Motion, commented: "With the end of federal tax incentives, demand in the US is expected to decline sharply in the fourth quarter of this year."

To counter this scenario, some manufacturers such as General Motors and Hyundai have started implementing discount programs and optimizing vehicle inventory at dealerships to minimize the impact. Meanwhile, Tesla has also made a strategic move by launching standard versions of the Model 3 and Model Y at more attractive prices, hoping to attract customers after subsidies are no longer available.

China continues to be the leading market for electric vehicle growth worldwide.

September marked a milestone for the global electric vehicle market, but also revealed the difficulties ahead as support policies gradually narrow. The race for market share among automakers is expected to become more fierce in the coming time, as price and product value become the deciding factors instead of government subsidies.

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