Global electrified vehicle sales set record in Q3 behind China
Worldwide sales of electrified vehicles surged to a record in the third quarter, largely driven by strong demand in China.
From July through September, sales of electric vehicles and plug-in hybrids jumped 63 percent year on year to 287,000 vehicles, according to a report released by Bloomberg New Energy Finance.
China accounted for more than half of global sales as its market for electrified vehicles doubled amid government efforts to curb pollution.
Europe was the second-biggest market with 24 percent of sales, followed by North America.
"The Chinese government is very focused on pushing up EV sales," said Aleksandra O'Donovan, advanced transport analyst at Bloomberg New Energy Finance and one of the authors of the report. "One reason for that is the local pollution levels in the cities, and a second is for China to build domestic heroes to compete internationally in this market."
The rising volumes in China are supported by government incentives.
"The national subsidies can make EVs up to 40 percent cheaper than regular internal combustion cars," O'Donovan said.
The report forecasts global electrified vehicle sales will surpass 1 million this year for the first time. The market for the vehicles is starting to pick up speed as charging infrastructure becomes more accessible and manufacturers introduce models with longer ranges.
Volkswagen Group, Daimler, Volvo Car Corp. and others have announced ambitious plans to expand their lineups of the vehicles to meet growing demand.
Several countries also have announced plans to phase out fossil-fueled vehicles.
France and the United Kingdom said they will ban sales of new gasoline and diesel cars by 2040, while the Netherlands plans to mandate sales of emission-free vehicles by 2030.
China is mulling its own ban, and California may follow suit.
China accounted for more than half of global sales as its market for electrified vehicles doubled amid government efforts to curb pollution.
Europe was the second-biggest market with 24 percent of sales, followed by North America.
"The Chinese government is very focused on pushing up EV sales," said Aleksandra O'Donovan, advanced transport analyst at Bloomberg New Energy Finance and one of the authors of the report. "One reason for that is the local pollution levels in the cities, and a second is for China to build domestic heroes to compete internationally in this market."
The rising volumes in China are supported by government incentives.
"The national subsidies can make EVs up to 40 percent cheaper than regular internal combustion cars," O'Donovan said.
The report forecasts global electrified vehicle sales will surpass 1 million this year for the first time. The market for the vehicles is starting to pick up speed as charging infrastructure becomes more accessible and manufacturers introduce models with longer ranges.
Volkswagen Group, Daimler, Volvo Car Corp. and others have announced ambitious plans to expand their lineups of the vehicles to meet growing demand.
Several countries also have announced plans to phase out fossil-fueled vehicles.
France and the United Kingdom said they will ban sales of new gasoline and diesel cars by 2040, while the Netherlands plans to mandate sales of emission-free vehicles by 2030.
China is mulling its own ban, and California may follow suit.
