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 December 23, 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 1.75 million units in November. This represents a large year-over-year (y/y) increase of 40.0% and continued to grow by 9.1% month-over-month (m/m), reaching a new record high. The electric vehicle market share was 29.1% in November, an increase of 6.5 points compared to the same month last year. It is also an increase of 1.2 points over the previous month. Volume and market share reached record highs for the third and fourth consecutive months, respectively. Cumulative sales of electric vehicles for the period January through November increased 27.2% y/y to 13.456 million units, accounting for 23.7% of total vehicle sales volume.

  Hybrid vehicle (HV) sales totaled 441,000 units in November. The m/m increase was 0.3%, while the y/y increase was 15.2%. In November, the market share of HV sales was 7.3%. Cumulative HV sales for the January to November period increased 15.6% y/y to 4.419 million units, accounting for 7.8% of total vehicle sales volume.

  Republican president-elect Donald Trump, who won the November 5 U.S. presidential election, mentioned additional tariffs, the repeal of the EV mandate, and deregulation of gasoline-powered vehicles during the election campaign, but after being elected he has said he will abolish the tax deduction (up to USD 7,500) for the purchase of electric vehicles under the Inflation Control Act (IRA), and impose additional tariffs of 25% on Canada and Mexico, which currently have zero tariffs, and 10% on China under certain conditions under the United States-Mexico-Canada Agreement (USMCA).

  With the transition to EVs stalling in Europe as well, automakers are reviewing their EV strategies. A change in policy in the U.S. could have a significant impact on the overall electric vehicle sales market in the future, and future moves by the new Trump administration should be closely monitored.

  Meanwhile, BYD Auto Co. Ltd. (BYD) continues to make great strides, especially in the Chinese market. BYD sold 2.83 million units in 2023, but in 2024, sales exceeded the previous year's level as of October (3.008 million units), reaching 3.495 million units through November, reflecting a 39.0% increase over the same period last year. While most of the major makers saw y/y sales declines, on December 23, Nissan Motor Co., Ltd. (Nissan) and Honda Motor Co., Ltd. (Honda) announced that they had agreed to begin discussions and deliberations on a business merger. Together with Mitsubishi Motors Corporation (Mitsubishi Motors), the three companies expect to sell 7.872 million vehicles (cumulative total for 2023), making them the world's third largest automaker group. However, electric vehicle sales are still less than 200,000 units (cumulative total from January to November 2024). As a result, there is a need to keep a close watch on future industry restructuring and changes in the electric vehicle market in each country and region.