Global EV sales growth hits 23% in October, research firm says

By Amir Orusov and Jesus Calero

(Reuters) -Global sales of fully electric and plug-in hybrid vehicles rose 23% in October to 1.9 million units, driven by strong demand across major markets, market research firm Rho Motion said on Wednesday.

WHY IT'S IMPORTANT

Europe led regional electric vehicle growth with strong demand in Germany, France and the UK, while overall sales eased after a peak month and the European Union approved more battery projects.

China is the world's biggest car market and accounts for more than half of global EV sales, which in Rho Motion's data include battery-electric vehicles and plug-in hybrids.

The price parity between electric and ICE vehicles in China is a lot closer when compared with the European or the North American markets, Rho Motion data manager Charles Lester said.

North America was a drag on monthly figures, with EV sales down 41% following record highs in August and September, as demand eased after a $7,500 tax credit expired, Lester added.

Battery-electric vehicles remain much pricier than comparable internal combustion models in the U.S., contributing to steep October sales declines across major automakers.

BY THE NUMBERS

Global sales of battery-electric vehicles and plug-in hybrids rose 23% to 1.9 million units in October, Rho Motion data showed.

Chinese sales rose to about 1.3 million vehicles. European sales jumped 36% to 372,786 units, while North American sales dropped 41% to 100,370. Sales in the rest of the world jumped 37% to 141,368 vehicles.

KEY QUOTE

"In Europe, the overall year-to-date growth figure remains relatively high and we're expecting strong sales towards the end of the year," Lester said.

"Chinese automotive market is expected to show strong growth in November and December, helped by pull forward effect as the country is moving from a full purchase tax exemption to just a 50% exemption on NEVs," he said.

(Reporting by Amir Orusov and Jesus Calero; Editing by Matt Scuffham)