Global sales of electric and hybrid vehicles experienced a rebound in October 2022, reaching 2.09 million units. This growth was spurred by a lower comparative base in the U.S. last year and sustained demand in the European market.
Global Demand Recovers
According to data from British research firm Benchmark Mineral Intelligence, global sales of new battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) rose by 8% year-over-year in October. For the first 10 months of 2022, total sales volume reached 17.5 million units, marking a 5% increase compared to the same period last year.
Exports Drive Growth
Charles Lester, an analyst at Benchmark Mineral Intelligence, noted that despite a slowdown in China’s domestic market, many Chinese automakers have intensified their export activities. This has significantly contributed to sales growth in other regions.
Specifically, sales in the Chinese market declined by 12% compared to the previous year. However, Chinese electric vehicle exports hit a new monthly record of nearly 600,000 units, indicating a substantial increase in the export capabilities of Chinese manufacturers.
Europe and U.S.: Divergent Trends
The European market demonstrated impressive year-over-year sales growth of 36%. This surge was supported by government subsidies for vehicle purchases, rising fuel prices, stricter European Union emissions standards, and an expanding range of available electric vehicle models.
The situation in the U.S. presented a different picture. Following the cancellation of federal tax credits for electric vehicles, October marked the first month where comparisons were made against a period where these incentives were also absent. Lester stated that the North American market grew by 24% year-over-year, returning to growth, but this represents more of a stabilization at a lower level rather than a genuine recovery.
Markets Beyond North America
Growth was particularly notable in markets outside of North America, which saw a remarkable 85% year-over-year sales increase. The total sales volume in these markets surpassed North American figures, largely driven by the export of Chinese vehicles.
The report highlights the global trends in electromobility, with China playing a pivotal role not only as a manufacturer but also as an exporter, influencing the growth of markets in other parts of the world.
