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 September 24, 2024
              Some corrections have been made to past vehicle data.
              Some data includes estimates.
              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 1.266 million units in August. This represents a year-over year (y/y) increase of 16.4% and a 7.1% month-over-month (m/m) increase. The market share of electric vehicles was 25.8% in August, a further increase of 1.7 points over the previous month. This was also a 4.6 point y/y increase, with electric vehicle market share surpassing the previous record of 24.6% set in December 2023. Cumulative sales of electric vehicles from January through August increased 21.7% y/y to 8.600 million units, accounting for 21.7% of total vehicle sales volume.

  Hybrid vehicle (HV) sales volume in August was 362,000 units. This is a 9.0% y/y increase, but a decrease of 9.2% m/m. The HV share for August was 7.4%, down 0.7 points from July. Cumulative HV sales for the January to August period increased 15.2% y/y to 3.092 million units, accounting for 7.8% of total vehicle sales volume.

  On August 20, the European Commission published a draft proposal for countervailing duties on Chinese-made EVs. This is on top of the current import tariff of 10%, with additional tariffs of 17.0% for BYD, 19.3% for Geely, and 36.3% for SAIC Motor. An additional tariff of 21.3% will be imposed on automakers who cooperated with the EU investigation and 36.3% on those who did not. In addition, a separate and lower 9% tariff rate was set for Tesla, which exports from its Shanghai factory after the EU Commission deemed that it benefited from fewer Chinese subsidies than domestic manufacturers. China filed a complaint with the WTO on August 9 in response to the proposed additional tariffs and said after the release of the draft on August 20 that it would firmly oppose the tariffs. China claims that the proposed tariffs are unilateral and based on an arbitrary investigation by the EU, and are not mutually acknowledged as factual, and urges the EU to reach consider alternative solutions and reach an agreement with China.

  On August 26, it was announced that Canada will also impose an additional 100% tariff on Chinese-made EVs starting October 1. Additionally, on September 13, the Office of the United States Trade Representative (USTR) announced that it had made a final decision to significantly increase tariffs on Chinese products. Tariffs on EVs will increase from 25% to 100%, and tariffs on lithium-ion batteries for EVs will increase from 7.5% to 25%. The situation surrounding Chinese-made EVs is becoming increasingly complex.