Electric vehicles have seen significant growth globally in the past year, driven by strong demand in China, parts of Europe, and the United States. In China, EVs accounted for 50% of new car sales in July, a milestone for the world's largest auto market. Companies like BYD are gaining traction with their affordable EV models.
Europe and the U.S. also saw an increase in EV adoption, with consumers showing interest in new models offering longer driving ranges, better performance, and lower prices. Despite uncertainties around purchase subsidies, the transition to electric vehicles is crucial for reducing global emissions from road transport, which currently contribute to around one-sixth of all energy-related emissions.
Here are five key facts about EVs in the past year:
- The global EV market, including pure EVs and plug-in hybrids, grew by 25% year-over-year as of November, with an estimated 15.2 million EVs sold worldwide.
- Mexico experienced a fivefold increase in EV sales, primarily driven by BYD. China, with a 40% growth in EV sales, led in overall numbers due to its larger population.
- The United Kingdom saw a 17% increase in EV sales, while France and Germany experienced declines. Turkey's EV market grew by almost 50%, fueled by Tesla's entry and local company Togg's sales ramp-up.
- In Norway, 90% of new cars were EVs, maintaining its position as a leader in electric vehicle adoption.
- The best-selling pure electric vehicles globally and in the U.S. were the Tesla Model Y and Model 3, with Tesla holding a significant market share but facing increasing competition from other automakers offering more affordable EV options.
Tesla, the most valuable auto company globally, continues to dominate the EV market, with a 17% share worldwide and a 49% share in the U.S. However, its market share is gradually decreasing as competitors introduce a wider range of EV models at competitive prices.
Overall, the shift towards electric vehicles is a crucial step in the transition to clean energy and combating climate change. With ongoing advancements in EV technology and increasing consumer interest, the future looks promising for the electric vehicle industry.
