GLOBAL EV MARKET SOARS WITH 29% SALES JUMP IN FIRST QUARTER

Tue 15 April 2025:

Electric vehicle (EV) sales globally increased by 29% year-on-year in the first quarter of 2025 to 4.1 million, according to a report by market research firm Rho Motion on Tuesday.

In this period, 2.4 million sales were recorded in China, 900,000 in Europe, 500,000 in North America and 300,000 in other parts of the world.

China accounted for 58.5% of total EV sales. Sales in the country rose by 36% year-on-year in the first quarter as nearly 1 million EVs were sold in China in March alone.

“The ongoing tariffs between China and the US will have a limited impact on EV sales, due to the small number of EV sales between the two countries,” the market research firm said.

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“The Model S and Model X from Tesla are exported from the US to China, in low volumes, but due to the current tariffs, the price would almost double for these Tesla vehicles,” it added.

In the US, Canada and Mexico, EV sales increased by 16% in the same period.

While 60% of the EVs sold in the US in 2024 were domestically produced, the majority of the rest were produced in Japan, South Korea and Mexico.

The EV market in Europe grew by 27% year-on-year in the first quarter of the year, with strong increases in sales in many countries.

Sales of battery EVs increased by 37% in Germany, 64% in Italy and 42% in the UK. In the UK, a monthly sales record was broken in March with over 100,000 EVs.

On the other hand, in France, sales declined by 18% in the same period as incentives for EVs were reduced.

-Source: AA

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