Demand for electric vehicles surged in Europe!

Global demand for electric vehicles increased for the sixth consecutive month in August. According to Benchmark Mineral Intelligence, strong sales in Europe offset declines in China and North America. Global electric vehicle sales rose 2% year-on-year to 1.83 million units in August. Total sales reached 13.4 million units in the first 8 months of the year.

Sales in Europe increased 36% to 380,000 units. The region’s year-to-date growth reached 29%. Subsidies supported strong demand in key markets. In China, electric vehicle sales fell 11% to 1.03 million units. In North America, sales declined 33% to 140,000 units. The end of federal tax incentives in the United States negatively affected the market. In other regions of the world, sales increased 97% to 290,000 units. Chinese manufacturers are increasingly turning to exports to maintain growth.