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Electric vehicle (EV) sales for 2024 are estimated to reach a record 16.7 million units, up from 13.9 million in 2023, according to new data from BloombergNEF.
In H1 2024, global EV sales, including both battery-electric and plug-in hybrid, increased 26%, and 30% by September — which was down from 33% in 2023 and 60% in 2022.
Some of the largest declines in EV sales are in:
- battery electric vehicle sales fell -25.8% from Jan-Oct in Japan
- in Germany, sales fell 61%
But the landscape across the EV market is complicated.
Some of the reasons include a “pull-forward” in sales ahead of sales cuts, however some major automotive manufacturers, such as Ford and GM, warn they plan to scale back EV sales — just as GM announced they sold a record 300,00 EVs in the US since 2016.
The election of President Trump will likely complicate the future of EV sales further. Our analysis:
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