Global sales of electric vehicles (EVs) returned to growth in October, rising 8 per cent year on year to 2.09 million units, supported by continued expansion in Europe and a low comparison base in the US, according to data released by UK-based research firm Benchmark Mineral Intelligence, as reported by Reuters.
Cumulative sales of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) reached 17.5 million units in the January-October period, marking a 5 per cent increase over the corresponding period last year.
The recovery in global demand comes despite a decline in China's domestic market, with manufacturers increasingly relying on exports to support sales in other regions.
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"Even though the Chinese market is down domestically, that has then in turn resulted in a lot of OEMs pushing the exports and contributing significantly to the rest of the world," Benchmark data manager Charles Lester was quoted as saying by Reuters.
China's year-on-year decline in EV sales narrowed to 12 per cent in October as manufacturers stepped up overseas shipments. Passenger car new energy vehicle (NEV) exports reached nearly 600,000 units during the month, setting another monthly record, Lester said.
European EV Sales Grow 36% In October
Europe remained a key growth driver for the global EV market, with sales increasing 36 per cent year on year in October. Benchmark attributed the growth to subsidies, higher fuel prices, European Union emissions legislation and an expanding range of vehicle models.
In North America, EV sales returned to growth, increasing 24 per cent during the month. October was the first month in which US sales were compared against a period without the federal tax credit for electric vehicles.
However, Lester said the improvement did not indicate a full recovery in the US market, which had instead stabilised at a lower level.
Chinese Exports Drive EV Growth In Other Markets
Sales across the rest of the world increased 85 per cent in October, exceeding the volumes recorded in North America. The growth was largely driven by higher exports from Chinese manufacturers, according to Lester.
The export push from Chinese automakers has helped support global EV sales even as demand in their domestic market remains under pressure.
