Global sales of fully electric and plug-in hybrid vehicles (PHEVs) rose at a tepid rate of 3% in February versus the same period last year mainly due to the impact of the Chinese Lunar New Year celebrations, market research firm Rho Motion said on Wednesday.
The company said global sales hit 800,000 units. Sales in Europe grew 12% versus February of last year and rose 31% in the U.S. and Canada, but they fell 12% in China.
“The reason for the lower growth is because China is still the dominant market” for electric cars, Charles Lester, data manager at Rho Motion, told Reuters.
Sales demand for electric cars has cooled in recent months after rising dramatically for several years, as consumers wait for more affordable models to hit the market.
Lester said sales in China are up 34% so far this year, which he said provides a better indication of the performance of the market given that China’s Lunar New Year last year fell in January.
Rho Motion expects global electric car sales to rise between 25% and 30% this year, Lester said.
Frontier innovation may start at home, but new technologies tend to spread across borders through…
Do banks fail because of runs or because they become insolvent? Answering this question is…
The US college wage premium nearly doubled between 1980 and 2010, rising fastest in dense…
Europe’s rising external surplus now rivals China’s, reflecting weak investment and growing surpluses, pointing to…
The 2025 Sevilla Commitment renews the push for domestic revenue mobilisation, with the EU needing…
This essay analyses the causes of, and remedies for, external imbalances, and what countries should…