Global Electric Car Sales Surpasses Milestone of 1 Million in January

For the first time ever, global electric car sales have surpassed milestone of one million mark in January 2024. According to a calculation made by UK-based research firm Rho Motion, a global sale of electric cars touched the one million and is a 69% increase over sales in January compared to the same period in 2023. The European market combined saw 92,741 units of full electric vehicles (EVs) registered in January, an increase of over 29% from the same month in January 2023.

China witnessed sales of EVs go past 7,00,000 mark (this include plug-in hybrids), the main source of the global thrust. As per the data from China Association of Automobile Manufacturers (CAAM), the sales were 79% higher compared to January 2023. The positive sentiments around EVs may have taken a slight tumble with the growth trajectory tapering ever so slightly due to multiple global factors.

A study by the International Council on Clean Transportation (ICCT) predicts a price parity between EVs and conventional cars to be achieved by 2029. The study assume the fact that prices of battery manufacturing continues to fall. With a lower running and maintenance cost, EVs will go mainstream in an unknown manner.