Expert Explains Why The Global EV Market Slowdown

New electric vehicle (EV) sales across the world continued to grow across the first half of 2024. But did the market show signs of slowing?

The global new light-vehicle market, including passenger cars and light-commercial vehicles, grew by 3.7% in the first half of 2024. Within this, combined battery-electric vehicle (BEV) and plug-in hybrid (PHEV) sales increased by 22% year on year to 1.35 million units.

As confirmed by EV Volumes data, deliveries of new EVs did grow relatively consistently between January and June 2024. This consistency and competitively high level of growth appears promising at first. However, it does represent a slowdown from the same point last year. In the first half of 2023, the global EV market saw deliveries climb by 35% year on year.

Growth has also become more uneven across the world. Lauren Fix explains why there is a global EV slow down.

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