EV Car Sales To Top 20 Million This Year, Research Firm Says

Global sales of fully electric and plug-in hybrid vehicles are expected to rise by at least 17% this year, surpassing 20 million cars, driven in part by an extension of China’s auto trade-in subsidies, research firm Rho Motion forecasted, Alessandro Parodi reported for Reuters.

EV sales in China are likely to exceed the previously forecasted 17% growth for 2025. I Photo: BYD Facebook

Europe, the world’s second-largest EV market, is expected to return to sales growth as CO2 emission targets take effect and more affordable models become available. However, the growth rate is projected to be slower than in 2023, according to Rho Motion’s Head of Research, Iola Hughes.

Automakers are looking to 2025 as a transformative year, with Europe introducing new regulations to encourage EV adoption and China extending subsidies, while the U.S. scales back its electrification targets under President Donald Trump’s administration.

EV sales in China are likely to exceed the previously forecasted 17% growth for 2025, further solidifying its market dominance due to the extended subsidies. In 2024, EV sales in China surged by a record 40%, reaching 11 million.