Why are electric cars heavier than gasoline cars?
Electric cars are heavy. Seriously. Automakers are developing new battery technologies to reduce the load.
Global sales of all-electric and plug-in hybrid vehicles rose 26% from a year earlier to a record 2.1 million vehicles in September, market research firm Law Motion said on Wednesday, due to strong demand in China and a delayed U.S. tax credit rush.
China accounted for about two-thirds of global sales with about 1.3 million units, and North America also set records as U.S. buyers moved to secure incentives before they expire, said Charles Lester, data manager at Lowmotion.
Why is it important?
China is the world’s largest car market, accounting for more than half of global EV sales, and Rho Motion’s data includes battery electric vehicles and plug-in hybrids.
September, typically the busiest month for car purchases in China, saw sales rise as shoppers sought to make the most of trade-in subsidies before they began to be phased out in some regions.
U.S. demand reflects a surge as buyers rush to claim the expiring $7,500 EV tax credit, but demand is expected to decline sharply in the fourth quarter “as both consumers and businesses lose access to the federal incentives that have supported EV purchases,” Law Motion said.
Prices also hit new highs in Europe, supported by incentives from Germany and strong demand from the UK, but competition is expected to intensify in the coming months as Tesla rolls out its low-cost Model Y in Europe.
In terms of numbers
Global sales of battery electric vehicles and plug-in hybrids rose 26% in September to a record 2.1 million units, according to Rho Motion data.
Sales in China increased to approximately 1.3 million units. Sales in Europe increased by 36% to 427,541 units, and sales in North America increased by 66% to approximately 215,000 units. Sales in other regions increased by 48% to 153,594 units.
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“With federal incentives gone, U.S. demand is expected to fall sharply in the final quarter of this year,” Lester said.
Some automakers, including General Motors Co GM.N and Hyundai Motor Co 005380.KS, are trying to cushion the blow by offering discounts and leveraging dealer inventories, but overall production is shrinking, he added.
Report by Jesús Calero. Editing: Alexander Smith
