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

Electric vehicle sales in January increase 65.4% y/y to 900,000 units

2024/02/28

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 February 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.
              Share figures are based on the number of units in thousands.

 (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 900,000 units in January. Year-over-year (y/y), the number of units sold increased by 65.4%, while sales decreased by 37.5% compared to the previous month. The share for the single month of January was 19.0%, down 5.7 points from the previous month. Although the month-over-month (m/m) sales were down due to the large increase in sales at the end of the year, sales increased significantly compared to the same month last year, as sales were down significantly in January of last year.

  HV vehicle sales in January were 317,000 units, reflecting an increase of 14.9% y/y (down 18.3% m/m). The share for the single month of January was 6.7%, unchanged from the previous month.

  In January, new rules regarding tax credits for the purchase of BEVs and PHVs (clean vehicle tax credit) in the U.S. went into effect, making vehicles equipped with batteries manufactured by Chinese manufacturers ineligible for the tax credit. The change will disqualify several models, including the Chevrolet Blazer EV, from receiving the USD 7,500 tax credit. It is expected that there will be more moves to open battery production facilities in the U.S., and It is expected that there will be more moves to open battery production facilities in the U.S., and related developments among OEMs and battery manufacturers will be closely monitored.

  Also, from January 24 to 26, German President Frank-Walter Steinmeier visited Thailand and discussed with Prime Minister Srettha Thavisin the strengthening of cooperation in areas such as trade, investment, and electric vehicles. Prime Minister Thavisin had visited Japan in December of last year to attend the ASEAN-Japan Special Summit, where he met with seven Japanese manufacturers. Among them, four companies revealed their readiness to invest for the next five years, and Honda also announced the start of production of the e:N1 in Thailand. In Thailand, the government-led policy to promote electric vehicles has been successful, and Chinese manufacturers in particular are making inroads into the country. As competition intensifies, we will keep a close eye on the future moves of the Japanese manufacturers who are leading in the Thai market.

 

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