With all the talk about automakers backstepping on aggressive EV plans, it’d be easy to assume the market is tanking and that we’ll all be driving our V8-powered family haulers off into the sunset. However, despite all the noise, EV sales grew by a few million units in 2024, faster than the year before.
I’ve been guilty of naysaying when it comes to electric vehicle sales, even as someone who studies and writes about the industry, so it’s not surprising to see that the public narrative around EVs is far from reality. Global EV sales grew by 3.5 million units in 2024, up from the 3.2 million units sold in 2023. It’s important to note that while those are worldwide numbers, individual markets also grew.
The North American market saw a nine percent increase in EV sales, while China had the fastest growth rate of 40 percent. The only region in which sales did not increase was Europe, where they dropped a modest three percent.
These numbers show that EV sales aren’t really slowing, but they also illustrate that their growth trajectory hasn’t flattened. Global sales growth increased by around 300,000 units between 2023 and 2024, which comes as gas vehicle sales have slowed. ICE vehicle sales peaked in 2017 and have not reached that upswing since.
[Images: Kia, Ford, Cadillac]
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Source: The Truth About Cars
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