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 November 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 1.606 million units in October. This represents a large year-over year (y/y) increase of 43.1% and a 6.2% month-over-month (m/m) increase, reaching a new record high. The electric vehicle market share was 28.0% in October, an increase of 7.2 points compared to the same month last year. It is also an increase of 0.3 points over the previous month. The sales volume has reached an all-time high for the second consecutive month, and the market share has reached an all-time high for the third consecutive month. Cumulative sales of electric vehicles for the period January through October increased 25.6% y/y to 11.715 million units, accounting for 23.0% of total vehicle sales volume.

  HV sales volume in October totaled 403,000 units, down 10.4% from the previous month, but up 6.3% compared to the same month last year. The HV share of the market was 7.0%. Cumulative HV sales for the January to October period increased 14.5% y/y to 3.941 million units, accounting for 7.7% of total vehicle sales volume.

  On October 29, the European Commission announced that it would impose countervailing duties on imports of electric vehicles from China for the next five years, with these measures coming into effect the following day, October 30. In response, China's Ministry of Commerce announced on October 30 that it would not accept the decision and would file a complaint with the WTO. China has repeatedly pointed out that the anti-subsidy investigation is unreasonable in many respects, has no legal basis and is a protectionist tactic that fosters unfair competition. The two sides are now entering a new round of negotiations, and in an announcement on October 29, the EU said it would continue to work with China to find a solution that complies with WTO rules to address the issues identified in the investigation. China also said it hopes to reach an agreement on a mutually acceptable solution as soon as possible to avoid escalating any trade friction.

  In the United States, Republican party candidate Donald Trump won the presidential election on November 5th, and attention is being paid to protectionist moves regarding automobile policy following the transition of power after president elect Trump's innauguration on January 20, 2025. While the share of electric vehicle sales in China is expanding, the environment surrounding Chinese-made EVs in countries around the world is becoming increasingly complex.