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3w ago

Global EV Sales Surge 40% in March Despite Tesla's Decline and Policy Shifts

The electric vehicle market achieved record growth in Q1 2025, even as Tesla's sales dropped sharply in Germany and new tariffs raised uncertainty in North America.

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Power plug, shopping cart and miniature car are seen in front of EU and Chinese flags in this illustration taken December 17, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
Tesla Model Y SUVs at a Tesla dealership in Austin, Texas.
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Overview

  • Global EV sales rose 29% year-over-year and jumped 40% month-over-month in March, reaching 1.7 million units for the month and 4.1 million for Q1 2025.
  • Tesla's sales in Germany fell 70% in the first two months of 2025, highlighting brand-specific struggles despite the region's 37% growth in battery-electric vehicle sales.
  • The cancellation of German EV subsidies at the end of 2023 initially slowed sales in 2024 but has not hindered the long-term growth of the country's EV market.
  • North America's EV market grew 16% in Q1 2025, but newly imposed U.S. tariffs on auto imports from Canada, Mexico, and other countries are expected to increase costs and challenge future growth.
  • European markets showed mixed results: Germany and Italy saw significant EV sales growth, while France experienced an 18% decline due to reduced government incentives.