In a first, global electric car sales cross one million for first time: Report

  • Despite headwinds emerging for the global automotive market, the positive sentiment around EVs persist.
Electric car
File photo used for representational purpose. (Bloomberg)
Electric car
File photo used for representational purpose.

The momentum in rise in sales of electric cars may be slowing down in many key markets across the world but it still growing. A clear indication of this may come from the fact that global electric car sales in the month of January may have crossed the one million mark for the first time ever.

According to a calculations made by UK-based market research firm Rho Motion, global sales of electric cars touched the one million and that this is a 69 per cent increase over sales in January of 2023 when 660,000 units were sold. And while the sales figures from last month may not be absolutely accurate considering that data from all markets is rather difficult to collect, collate and assess, it does provide a generous look at what is happening in the world of electric mobility.

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The European markets combined saw 92,741 units of full electric vehicles (EVs) registered in January, up by 29 per cent from the same month in 2023. China saw sales of EVs go past 700,000 mark (this includes plug-in hybrids), the main source of the global thrust. And while this was a dip of 37 per cent against figures from a month earlier, it was still 79 per cent higher than in January of 2023, as per data from China Association of Automobile Manufacturers (CAAM). In the US, overall new vehicle sales slipped last month but demand for EVs remains strong.

EVs remain on positive trajectory

The positive sentiment around EVs may have taken a slight tumble with the growth trajectory tapering ever so slightly due to multiple global factors. But even if the rise in demand isn't in top gear, experts argue that there is nothing on the horizon that would make manufacturers press the panic button. It is argued that just five years back, EVs were a scarce sighting and yet, have taken over global roads today. Price parity and improving infrastructure are likely to further prospects.

A study by the International Council on Clean Transportation (ICCT) predicts a price parity between EVs and conventional cars to be achieved by 2029. This is based on the assumption that prices of battey manufacturing continues to fall. And with a lower running and maintenance cost, EVs will go mainstream in an unprecedented way.

First Published Date: 26 Feb 2024, 11:57 AM IST
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