Electric Vehicle (BEV/PHV/FCV) Sales Monthly Report (March 2024)

Electric vehicle sales in March increase 19.1% y/y to 1,125,000 units

2024/04/25

Share of electric vehicles (BEV/PHV/FCV)

  This report presents new car sales volumes (MarkLines aggregate data, excluding commercial vehicles; estimates are included) and analyzes sales trends of electric vehicles (BEV: battery electric vehicles / PHV: plug-in hybrid vehicles / FCV: fuel cell vehicles) in the global market in 15 countries, including 12 major countries, which account for approximately 83% of global car sales, and three Nordic countries (*Note).

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  12 major countries: China, U.S.A., Japan, India, Germany, France, Brazil, U.K., South Korea, Canada, Italy, Thailand

  3 Nordic countries: Norway, Sweden, Finland

  These 15 countries account for about 90% of global electric vehicle sales.

 

 (Note 1) Aggregated on April 22, 2024
              Some corrections have been made to past vehicle data.
              Thailand has been added to the total from January 2024.
              The sales volume (shipment volume) for China are aggregate figures excluding exports.

 (Note 2) Reasons for high electrification rates in Nordic countries
              1. The population’s environmental awareness has always been high.
              2. A high percentage of electricity is generated from renewable energy sources such as hydroelectric power and wind power (awareness of the need to use abundant renewable energy for electric vehicles).
              3. Generous policies such as subsidies, tax incentives, and charging infrastructure development.
              4. A wide range of electric vehicle models is available.

 

  Sales of electric vehicles in the 12 major countries and the 3 Nordic countries of Norway, Sweden, and Finland (15 countries in total) totaled 1.125 million units in March. This represents a significant year-over year (y/y) increase of 19.1% compared to the same month last year and a 66.1% month-over-month (m/m) increase compared to February. The market share of electric vehicles for the single month of March was 19.7%, up 3.3 points from the previous month. In February, overall automobile sales fell due to the Chinese New Year holiday and other factors, which also affected electric vehicle sales, but both the number of units sold and market share recovered in March. Cumulative sales of electric vehicles for the January to March period increased 24.1% y/y to 2.698 million units, accounting for 18.5% of total vehicle sales volume.

  Hybrid vehicle (HV) sales volume in March was 427,000 units, reflecting increases of 6.4% y/y and 25.9% m/m. The HV share for March was 7.5%, down 0.7 points from February. Cumulative HV sales for the January to March period increased 14.5% y/y to 1.112 million units, accounting for 7.6% of total vehicle sales volume.

  The EU is likely to impose provisional tariffs on Chinese-made electric vehicles as early as July. In the U.S., plans for a risk study of Chinese-made connected cars were announced at the end of February, and in April it was reported that the Mexican government intends to offer no incentives to Chinese companies for local production. Chinese manufacturers are producing and selling inexpensive electric vehicles with subsidies in China, and there are concerns that they are using local incentives to gain an unfair competitive advantage in markets outside China, such as Mexican-made EVs being eligible for U.S. Inflation Reduction Act (IRA) subsidies. We will continue to monitor regulatory developments surrounding EVs made by Chinese manufacturers.

 

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