Global electric vehicle (EV) sales reached an all-time high in the second quarter of 2024, with a 19% increase from the first quarter, according to New AutoMotive’s Global Electric Vehicle Tracker. Nearly 2.6 million EVs have been sold globally since May 2024, with China’s domestic market driving much of this growth.
In China, petrol and diesel vehicle sales have been declining for five consecutive months, with a 20% decrease in June compared to the same month last year. This trend suggests that internal combustion engine (ICE) vehicles could become obsolete by 2028.
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The US also experienced significant growth, with Q2 sales up 12% from Q1. Over 1.15 million EVs were sold in the US in the year to June, an increase of 200,000 from the previous 12 months.
In Europe, tariffs on Chinese EVs have not yet affected the market, with 80% of EU countries seeing an increase in EV sales between May and June. Despite policy challenges, both Germany and the UK reported their highest EV market shares since December 2023, with EV sales in June accounting for 15% and 19% of their respective markets.
This progress aligns the UK with the International Energy Agency’s (IEA) forecast, which predicted the country’s combined EV and plug-in hybrid market share would reach 25% by the end of 2024. UK car sales have already achieved this level, while continental Europe and the US trail at 18% and 9%, respectively.
Emerging markets also showed robust growth, with EV sales in Thailand, India, Brazil, Chile, and Mexico collectively more than doubling in the year to June compared to the previous 12 months. These markets are on track to surpass the UK’s EV sales by the end of the year.
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