Global EV Sales Hit Record 2.1 Million in September

In September, global sales of fully electric and plug-in hybrid vehicles increased by 26% year-over-year to a record 2.1 million units, supported by robust demand in China and a late surge in the U.S. tax-credit rush, according to market research firm Rho Motion.

According to Charles Lester, the Rho Motion data manager, 1.3 million units in China, as well as North America, reached a groundbreaking record as U.S. buyers rushed to secure incentives before they expired. 

According to Rho Motion, the reason behind this surge is the impending deadline for the $7,500 EV tax credit, as demand is expected to decline by the fourth quarter, when both consumers and businesses lose access to the federal incentives that have underpinned EV purchases.

In the rise of global sales, China marked significant numbers in vehicle purchases, and both consumers and businesses lost access to the federal incentives that have underpinned EV purchases.

Along with China’s exceeding sales, Europe, with the exceeding demand of a lower-cost Model Y in the upcoming months, and Britain also lead in terms of stronger demand. 

Rho Motion reports that global sales of battery-electric vehicles and plug-in hybrids increased 26% to a new high of 2.1 million units in September.

According to the numbers, China sold approximately 1.3 million vehicles, European sales increased by 36% to 427,541 units, while North American sales rose by 66% to around 215,000. Sales in other regions grew by 48% to 153,594 vehicles.

According to  Rho Motion’s data manager, Charles Lester, the US demand is expected to decline amid the decline of federal incentives in the final quarter of the year.

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Despite the efforts of Hyundai and General Motors to balance the situation by offering discounts, the situation is not improving significantly.