Sales of battery electric vehicles (BEVs) surged by 123% in all the markets analyzed in the third quarter of 2021 versus the corresponding quarter last year. China led the way with sales of 782,000 BEV units during the quarter, amounting to growth of 190%. BEV sales growth was substantial in Europe in Q3 too, albeit somewhat less than it has been in recent quarters. Even steeper growth was only thwarted by the global semiconductor shortage, which has slowed vehicle production markedly and lengthened waiting times for in-demand cars.
OEMs, suppliers and governments are adapting their strategies accordingly to fit a changing world. OEMs are diverting resources to build EV manufacturing capacity and launch a range of new EV models. Given the inevitable sharp fall in fuel duty that lies ahead, particularly with ICE sales bans in several countries on the horizon, governments are now pondering how they will manage to safeguard this tax revenue from BEVs. Register now and receive insights about the electric vehicle sales developments in the different markets and territories.
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