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World Climate 2024: EV revolution

A sign is displayed at an electric vehicle charging station in London, Ohio (Photograph by Joshua A. Bickel/AP)

Electric vehicles had another whirlwind year around the globe, driven by buyers in China, and growth in parts of Europe and the United States, despite headwinds.

In a milestone for China, the world’s biggest auto market, EVs hit 50 per cent of new car sales in July. That included pure-battery EVs plus plug-in hybrid electric vehicles. Chinese companies such as BYD continue to gain traction worldwide with their inexpensive EVs.

Electric vehicles also made headway in Europe and the US. Uncertainty around purchase subsidies could complicate matters come 2025, especially under the incoming Trump Administration in the US. But mainstream consumers remain interested in new models, longer driving ranges, better performance and lower prices.

Visitors look at cars at the BYD booth during the China Auto Show in Beijing in April (Photograph by Tatan Syuflana/AP)

The transition to electric vehicles is an important part of the shift to clean energy. Road transport accounts for about one sixth of all global emissions from energy, according to the International Energy Agency. Widespread EV adoption could significantly address climate change.

Here are four facts about EVs this year. Most of the data comes from consultancy Rho Motion.

How well did electric vehicles sell?

The global EV market, including pure EVs and plug-in hybrids, grew by 25 per cent year-over-year as of November.

Rho Motion estimates 15.2 million EVs had been sold worldwide ahead of the end of the year, and the International Energy Agency expected electrified vehicle sales to reach one in five cars sold globally. Most were in China.

A 2023 Ford Mustang Mach-E charges at an electric vehicle charging station in London, Ohio (Photograph by Joshua A. Bickel/AP)

Where did the EV share of new cars jump the most?

Mexico sold roughly five times as many EVs this year than last, mostly from Chinese powerhouse automaker BYD.

Because China’s population is so much larger, its 40 per cent growth year-to-date translates to many more EVs than Mexico’s fivefold increase.

Other areas of note are Britain, which saw a roughly 17 per cent increase year-to-date. That is interesting to compare with France and Germany, which saw sales decline.

In Turkey, the EV market grew by almost 50 per cent year-to-date, driven by Tesla entering the market last year and Togg, a Turkish auto company, ramping up its sales.

In Norway, which for years has been in first place for share of vehicles that are electric, 90 per cent of new cars were EVs.

A Tesla level-three electric vehicle charger is visible in Kennesaw, Georgia, near Atlanta (Photograph by Mike Stewart/AP)

What was the bestselling electric vehicle?

The bestselling pure electric vehicles were the Tesla Model Y, followed by the Tesla Model 3.

The Model Y SUV was released in 2020. Its base version today costs nearly $45,000.

The Model 3 was released in 2017. The least expensive version sells for about $42,000.

Both have been eligible for a $7,500 tax credit in the US.

Tesla picture changing?

Tesla’s market share stood at 17 per cent of all electric cars across the globe through October.

In the US, Tesla’s market share was 49 per cent through October. That means the company still has the biggest EV market share. But its hold is shrinking, as other auto companies combined sell a growing number of electrics. For example, GM, Ford, Honda and more are offering a wider variety of EVs at lower prices and sizes, and are chipping away at Tesla’s longstanding lead.

Tesla remains the most valuable auto company in the world, with a market value of $1.4 trillion.

A driver waits in their car while charging an electric vehicle at an Electrify America station in Seattle (Photograph by Lindsey Wasson/AP)
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Published January 01, 2025 at 8:41 am (Updated January 01, 2025 at 8:40 am)

World Climate 2024: EV revolution

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