Tag: BYD

Europe, on the other hand, faced a more mixed situation in 2024. While overall EV sales across the continent exceeded 3 million units, the region experienced a 3% decline compared to 2023. A major contributing factor to this downturn was the removal of subsidies in key markets, especially Germany. Germany’s government had been a strong supporter of EV adoption, but as incentives were scaled back, sales took a hit.

However, Europe was not without its success stories. The United Kingdom saw a nearly 20% increase in EV sales, thanks in part to the introduction of the Zero Emission Vehicle mandate. This policy required automakers to push low-emission vehicles, leading to higher sales in the UK. Norway, too, continued to be a shining example, with over 90% of passenger vehicle sales in the country being EVs by the end of the year.

In North America, the EV market experienced a solid 9% growth in 2024, with the United States and Canada collectively selling 1.8 million EVs. Despite challenges such as Tesla’s first-ever annual decline in sales, it continued to dominate with a 50% market share. Consumer subsidies and investments in EV infrastructure played a key role in driving this growth. U.S. EV sales in 2024 totaled 1.3 million units, up more than 7% on a year-over-year basis.

Legacy automakers like General Motors and Ford secured second and third spots, respectively, in U.S. BEV sales in 2024.For the full year, GM’s EV sales reached approximately 114,000, representing a 50% increase from 2023. Ford sold 97,865 all-electric vehicles in 2024, a 35% year-over-year increase.

In the United States, one in four vehicles sold in 2025 is projected to be electrified, with pure electric cars accounting for about 10% of total sales, per Cox Automotive. This growth will be fueled by increased consumer interest, the widening variety of EV models, and growing awareness of sustainability. However, political and policy shifts could introduce uncertainty. With Donald Trump set to resume presidency next week, there are concerns about potential rollbacks of EV tax credits and emissions standards. If these supportive policies are reversed, it could dampen the EV market’s momentum in the country.

In China, sales of EVs and plug-in hybrids are expected to rise by around 24% in 2025, per China Association of Automobile Manufacturers. China’s commitment to clean energy transitions and government support for e-mobility will continue to solidify its position as a global leader in EV adoption.

Europe’s EV market is set to bounce back in 2025. EV volumes are predicted to return to growth as the region overcomes its recent stagnation. Key to this recovery is the EU’s “Fit for 55” initiative, which continues to support the shift to sustainable mobility. With this policy framework in place, Europe is well-positioned to accelerate EV adoption.

One important trend often overlooked is the long-term decline of gasoline-powered car sales. Global sales of gas cars peaked in 2017 and have been steadily declining ever since. In the United States, sales of internal combustion engine vehicles are expected to drop to 75% of total volume, the lowest level on record, in 2025. So, compared with the ongoing decline in gas car sales, the growth in EV sales looks even more impressive.

As consumer demand continues to grow and government incentives play a crucial role, the global EV market in 2025 is expected to stay strong. But the market’s success will depend on continued support from policymakers and the ability of automakers to meet the growing demand for EVs. With gasoline car sales in long-term decline, the transition to EVs is not just a trend—it’s becoming the new norm.

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