China's share of the European electric car market has more than doubled in less than two years, with the UK being the largest market for Chinese electric car brands, as new battery electric technology and lower prices have boosted sales and wiped away concerns about lower-quality cars, posing an "imminent risk" to the European industry, according to industry experts.
BYD, a leading electric car manufacturer, achieved its fourth consecutive monthly sales record in August 2023, selling 274,086 plug-in electric vehicles, although the growth rate has slowed down compared to previous years.
Once electric vehicle adoption reaches 5-10 percent of new car sales, researchers predict that a significant surge in sales will occur, potentially reaching up to 80 percent of new sales, as early adopters are replaced by mainstream consumers looking for a good deal; however, a hesitant American public and inadequate charging infrastructure may hinder the country's progress in this transition.
Low-decibel and torquey electric vehicles are expected to have a global market share between 62-86 percent by 2030, as per a report by Rocky Mountain Institute (RMI), with the boom driven by price parity with internal combustion engine vehicles and competition among carmakers, despite challenges in upgrading infrastructure and battery recycling.
The market for electric vehicles (EVs) in Japan remains small, causing closures of charging stations and hindering the spread of EVs.
The share of electric vehicle sales in the US is rising but varies greatly by state, with California leading at 25% of all vehicles sold in the first half of 2023 being electric, followed by Washington at 18%, according to BloombergNEF.
In certain areas of the United States, the adoption rate of plug-in electric cars is significantly higher than the average, with four counties in California having a market penetration of over 30 percent for electric vehicles. However, the geographical distribution of EVs is expected to vary as electrification progresses in different regions, similar to trends seen in Europe. The introduction of electric pickup trucks may play a role in increasing EV market share across the country in the coming years.
Mercedes-Benz's electric vehicle sales in the US have risen by 284% in Q3 compared to last year, bringing their market share to nearly 15%, while Ford and GM's market share remains around 3% to 4%.
Electric vehicle (EV) sales in the United States reached over 300,000 in the third quarter, with Tesla's market share dropping to its lowest on record due to aggressive price cuts by competitors, but the company could regain ground with the launch of its Cybertruck, according to a report by Cox Automotive.
Shares of Plug Power have surged while stocks in the electric vehicle sector, such as ChargePoint Holdings and Canoo, have plummeted due to mixed market conditions and financial announcements.
US electric vehicle (EV) sales reached over 313,000 in Q3, a nearly 50% increase from a year ago, with Tesla accounting for 50% of total sales, but its market share is decreasing; meanwhile, the overall EV market share reached 7.9%, driven by higher inventory, more product availability, and downward pricing pressure, according to Kelley Blue Book.
New passenger car registrations in France increased by 9% year-over-year in September, with plug-in electric cars accounting for almost 30% of the market and all-electric cars making up 19.6% of new car sales, indicating a growing shift towards electrification in the country.
Battery-electric vehicles accounted for 7.9% of all new cars sold in the U.S. during the third quarter, with over 300,000 EVs sold, reflecting a 49.8% increase from the same period in 2021.
US electric vehicle sales have increased by 50.1% year-on-year as more car buyers opt for electric vehicles, with a total of 313,086 battery EVs purchased between July and September 2023, according to Kelly Blue Book.
