A new report showed that electric vehicle sales increased by 20% at an annual rate in the first 5 months of the year. However, it was seen that things were not going well in Europe and America, and the biggest reason for this increase was China.
Electric cars, one of the most important elements for a more sustainable future, were beginning to become widespread. Many companies are currently launching their electric models and were planning to become fully electric in the coming years. However, the recent decrease in demand revealed that it may take a little longer to reach the targets. Still, sales were rising.
Now, data for the first five months of the year has arrived. Research firm Rho Motion brought us information about the electric vehicle market. According to this 1.3 million sales were made in May, a 20% increase in sales at an annual rate. However, sales not distributed evenly drew attention.
Sales paused in Europe and North America, while an increase was observed in China
According to the report, the main reason for this significant increase in electric vehicles is Chinese. So much so that the number of electric cars sold in China will increase at an annual rate between January and May 2024. 31% increased. There was a 36% increase in May alone. It is possible to say that affordable electric vehicles from Chinese companies have a great impact on this.
However, when we come to Europe and America, we do not see the same picture. Accordingly, in Europe only a 4% increase seen. In North America, which includes the USA and Canada increased by 5%. So in the European market 9% decrease in annual rate in May% in the USA and Canadadecrease of 3 there is. This is an indication that the growth of electric vehicles is slowing down.
In short, China is the largest and most sales region for electric vehicles, with a share of more than 50%. In Europe and North America demands are decreasing and sales are not increasing. We were seeing Western brands gradually postponing their electrification plans. These data reveal that they are right.
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Electric car sales will get even more interesting throughout the rest of the year. EU last week Additional tax on electrical goods coming from China had put it. A similar situation was seen in Turkey. It is a matter of great curiosity how this will affect sales. We will see over time whether sustainability plans will be delayed.