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 October 21, 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 1.508 million units in September. This represents a large year-over year (y/y) increase of 32.5% and a 19.1% month-over-month (m/m) increase. The electric vehicle market share was 27.6% in September, an increase of 7.6 points compared to the same month last year. It also reflects an increase of 1.8 points over the previous month. This is the second consecutive month of record highs. Cumulative sales of electric vehicles for the period January through September increased 23.2% y/y to 10.105 million units, accounting for 22.4% of total vehicle sales volume.

  Hybrid vehicle (HV) sales volume in September was 420,000 units, showing increases of 4.3% y/y and 9.6% m/m. The HV share in September was 7.7%, down 0.1 points from August. Cumulative HV sales for the January to September period increased 14.6% y/y to 3.508 million units, accounting for 7.8% of total vehicle sales volume.

  Electric vehicle sales hit record highs in China and the UK in September. China's automobile market is entering a season of strong demand, with sales of New Energy Vehicles (NEVs) also booming as the launch of new models and support measures for vehicle replacements encouraged consumption. In the UK, the annual switchover of license plates occurs in March and September, which usually leads to an increase in new car sales. The number of EV registrations increased, driven by substantially discounted sales by manufacturers.

  The Office of the United States Trade Representative (USTR) announced final revisions to its proposed tariffs on Chinese goods on September 13, and additional tariffs were applied to a variety of imported items, including EVs and lithium-ion batteries, from September 27. Canada will also impose additional tariffs on Chinese-made EVs from October 1, and Brazil has also announced a review of its import tariffs on Chinese-made EVs. On October 4, the European Commission announced that it had received the necessary support from EU member states for its proposal to impose countervailing duties on EVs imported from China. China has responded to these measures by filing complaints with the WTO and holding consultations with its counterparts. China's automobile exports are increasing, but the growth is mainly in internal combustion engine (ICE) powered vehicles, while the number of EV exports continues to remain flat. The environment surrounding EVs by Chinese manufacturers will continue to require close monitoring.