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 June 21, 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) reached 1.164 million units in May. Year-over-year (y/y), the number of units sold increased by 24.6%, and sales also increased by 13.8% compared to the previous month (m/m). The market share of electric vehicles was 22.8% in May, a further increase of 1.8 points over the previous month. Cumulative sales of electric vehicles for the January to May period increased 24.2% y/y to 4.858 million units, accounting for 19.9% of total vehicle sales volume.

  Hybrid vehicle (HV) sales volume in May was 367,000 units. This is a 10.0% y/y increase, but a decrease of 1.0% m/m. The HV share for May was 7.2%, down 0.4 points from April. Cumulative HV sales for the January to May period increased 15.6% y/y to 1.885 million units, accounting for 7.7% of total vehicle sales volume.

  In May, there was significant activity in the U.S. regarding electric vehicles. The first is a policy on funding for EV manufacturers announced by the Biden administration on May 6, which states that USD 100 million will be provided to automotive component suppliers for facility renovations and human resource development to encourage the transition to EVs. Funding for this will come from the Inflation Reduction Act (IRA) and the Bipartisan Infrastructure Law (BIL). The second is the measure announced on May 14 to increase tariffs on Chinese-made EVs, quadrupling the current 25% tariff to 100%.

  On June 12, the European Commission published the results of an investigation concluding that China's electric vehicle (EV) value chain is benefiting from unfair subsidies, which pose a threat of economic harm to EU EV manufacturers. If an effective solution cannot be found in discussions with Chinese authorities, additional provisional tariffs will be imposed on EVs imported from China. The additional tariff rates vary by manufacturer (BYD: 17.4%, Geely: 20%, SAIC: 38.1%, etc.), and manufacturers that do not cooperate with the investigation will have the 38.1% tariff added to the current 10% tariff rate. The measure will be introduced on July 4, 2024.

  Chinese-made EVs are produced at low cost through subsidies and programs in China, and there is concern that the export of large numbers of these EVs to other countries will have a negative impact on the markets to which they are exported. While protectionist moves in the United States and Europe are aimed at protecting domestic EV investment and jobs, and supporting the development of the EV market, there are also concerns about how China, the largest market for electric vehicles, will respond. It is necessary to continue to closely monitor developments in each country and region.