Sales of electric vehicles are continuously rising globally, with a record result in China in October, despite the removal of subsidies, according to data from market research firm Rho Motion.
China ended its 11-year electric vehicle purchase subsidy program last year, but some local authorities still offer assistance or tax incentives to attract investments, as well as subsidies for consumers.
Sales of electric vehicles in China, the world’s largest automotive market, increased by 29 percent in the first nine months. On the global market, it surged by 34 percent.
The research firm notes that November and December are very good months for vehicle sales in China.
– The October figures show that demand for electric vehicles in China is breaking records despite the removal of subsidies, and 2023 will be another successful year for China in electric vehicle sales – estimates Rho Motion.
Sales of electric vehicles in Europe increased by 26 percent, with somewhat weaker demand due to the cessation of subsidies, the company found, pointing to the removal of incentives in Germany in September.
Subsidies are an important factor in the German market as nearly two-thirds of registered passenger cars are for commercial purposes, they explain.
Tesla, Mercedes Benz, and Volkswagen warned that high interest rates and a subdued market are deterring buyers in the region.
In North America, sales of electric vehicles jumped by as much as 78 percent this year.
According to Rho Motion, 2023 will be another strong year for the North American market, with a lion’s share for Tesla as traditional manufacturers adopt less ambitious plans for increasing production.
Tesla’s market share, however, decreased in the third quarter to around 50 percent, the lowest level since its market debut, despite reduced prices, according to an October report from service provider Cox Automotive.
