Global EV Sales Up 63% In Q3 Thanks To Surge In China

2 months ago by Mark Kane 7

Tesla

Tesla Model S and X at Supercharger

Surprising absolutely no one, plug-in electric vehicles are the quickest growing branch of automotive industry today … and it has been that way since they were re-introduced to the world at the beginning of this decade.

However, in the third quarter of this year, sales increased by 63% year-over-year – to more than 287,000, at least according to the Bloomberg New Energy Finance report.

Sales of New Energy Vehicles in China – October 2017

The growth compared to second quarter is also fairly tangible at 23%.

BNEF states (again, fairly obviously to anyone following the segment) that China is the largest EV market fueled by significant incentives, which has lead more then 1 of every 2 plug-in sales coming from the region.

91,000 New Energy Vehicles were sold in China in October, including roughly 66,500 light vehicles – see report.

Europe finds itself in 2nd with a 24% share, while the North America – once the first – is now is third.

source: The Straits Times

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7 responses to "Global EV Sales Up 63% In Q3 Thanks To Surge In China"

  1. Tom says:

    Maybe I haven’t been paying close enough attention so this might be a dumb question. Various articles pointed to an incentive/government issue for the slow start to 2017 and then it got resolved and we get a big upswing. But it looks like 2016 had the same general shape. Is this an every year thing? i.e. do we expect a huge drop in Jan in China? Or do we expect a steady increasing ramp to just keep going?

    1. terry says:

      Typical cycle of economy. The weak beginning of the year is not unusual.

    2. rad says:

      This year was especially bad. China rewrote the list of approved EV’s for the federal credit. Only it was not available until March. No one wanted to buy in January or February only to find their model was not approved. Once the list came out, sales took off.

  2. Six Electrics says:

    China has done what Tesla has not: moved the needle in EVs.

  3. Don Zenga says:

    China is the Champion.

    Worldwide plugin sales for 2017 has already crossed 1 million mark and the cumulative should have crossed 3 million mark by now.

    Kia Soul-EV for MY-2018 for USA has been priced at $33,950 (111 mile range) and this is a $1,700 bump from the price of MY-2017 which was $32,250 (93 mile range).

    Why did they increase the price for just a 18 mile range increase when Nissan decreased the price of Leaf $700 even with a 43 mile range increase.

    Anyway Soul-EV is only a compliance crossover which is sold only in few states. This shows that most automakers don’t want to sell more electric vehicles and Tesla is right about direct sales.

    Why its a crossover: Its a taller vehicle with dimensions of
    163? L x 71? W x 64? H

    1. Tom says:

      1. I noticed that range increase a few days (weeks?) ago too, but I don’t remember an article on it on Insideevs. Would be nice to see a review of that vehicle with the new range.
      2. Why more money? Probably because they can. I’m guessing they feel they can sell all of them at that price. They can test the demand at that price then offer discounts if demand isn’t there, whereas if they don’t raise the price then they are guaranteed to end up with whatever lost opportunity there was in the extra money.

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