Global EV sales rise 23% in October, Europe leads in regional sales

Global sales of electric vehicles, including fully electric and plug-in hybrid models, surged 23% year-on-year in October to 1.9 million units, according to market research firm Rho Motion, Reuters reported. The growth was fueled by robust demand across major markets, led by Europe, where Germany, France, and the UK recorded strong sales momentum.

The increase in overall sales in the European market is the result of the European Union-approved battery projects.

As per the Rho Motion's data, more than half of all EV sales worldwide, including both battery-electric and plug-in hybrid vehicles, come from China, the largest automobile market in the world.

Actually, the price difference between electric and ICE vehicles in China is much less as compared to Europe and North America, citing Rho Motion data manager Charles Lester.

According to Lester, demand lessened after a $7,500 tax credit expired, causing EV sales in North America to drop 41% from record highs in August and September.

In the United States, battery-electric cars are still far more expensive than equivalent internal combustion versions, which has led to sharp drops in sales for all of the major automakers in October.

The research is silent on the Indian EV market.