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5h ago

Global EV Sales Hit Record 2.1 Million in September on China Strength and U.S. Tax-Credit Rush

Rho Motion now warns of a Q4 pullback following the U.S. federal incentive expiry.

An electric car is charged at a roadside EV charge point, London, October 19, 2021. REUTERS/Toby Melville
FILE - An electric vehicle is plugged into a charger in Los Angeles, Aug. 25, 2022. Since passage of the Inflation Reduction Act, it has boosted the U.S. transition to renewable energy, accelerated green domestic manufacturing, and made it more affordable for consumers to make climate-friendly purchases. (AP Photo/Jae C. Hong, File)

Overview

  • China contributed about 1.3 million sales—roughly two-thirds of the global total—helped by buyers taking advantage of trade-in subsidies during a peak buying month.
  • North American sales jumped 66% to roughly 215,000 as U.S. shoppers moved to capture the expiring $7,500 federal credit.
  • Europe posted a monthly record of 427,541 vehicles, supported by incentives in Germany and strong demand in Britain.
  • Rho Motion projects a sharp U.S. demand decline in the fourth quarter, and automakers including General Motors and Hyundai are using discounts, dealer inventories, and production cuts to cushion the drop.
  • Competition in Europe is expected to intensify with Tesla’s lower-cost Model Y rollout, while sales in the rest of the world rose 48% to 153,594.