Electric Vehicle Sales Review Q1 2024

The global PHEV and REEV market continues to flourish, with combined sales in all analyzed markets surpassing the one million mark for the first time in any first quarter. China registered 69.6% of those sales, after enjoying PHEV and REEV sales growth of 76.7% in the first quarter of 2024 compared with the same period last year. In the United States, PHEV sales increased 69.7% in Q1 2024 vs. Q1 2023. Sales of hybrids also grew significantly in the US, up by 45.7%.

As Europe expands its domestic BEV production to counter this competitive threat from China, it is inevitable that the EU trade balance will be negatively affected, at least in the short term. As discussed in our Analyst Insight section, the EU imports almost all the raw materials and components required for battery manufacture, as well as most of its cell production equipment.

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The global e-car market continues to grow and has achieved record levels in the first quarter

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