Global electric vehicle sales return to growth in October

Global demand for electrified cars returned to growth in October, reflecting a very low US comparison base coupled with continued growth in Europe, data from UK-based research firm Benchmark Mineral Intelligence showed on Thursday (Nov 12).

"Even though the Chinese market is down domestically, that has then in turn resulted in a lot of OEMs pushing the exports and contributing significantly to the rest of the world," Benchmark data manager Charles Lester told Reuters.

Global sales of new battery-electric and plug-in hybrid electric vehicles climbed eight per cent from a year ago to 2.09 million vehicles in October, while year-to-date volumes were up five per cent at 17.5 million units.

"China's year-on-year decline narrowed to 12 per cent as manufacturers continued to lean on exports, with passenger car NEV (new energy vehicle) exports reaching almost 600,000 units, another monthly record," Lester said.

European sales grew 36 per cent, helped by subsidies, rising fuel prices, EU emissions legislation and a rising number of models.

In the US, October was the first month measured against a period without a federal tax credit for EVs.

While North America returned to growth with a 24 per cent rise, the US market has stabilised at a lower level rather than recovered, Lester said.

Sales in the rest of the world rose 85 per cent and were higher than North America's, largely driven by growth in Chinese exports, he added.

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