As automakers revamp their electric vehicle strategies, October’s global sales results may give them reason to rethink it again. EV sales jumped 35% last month with China leading the way.
EV sales in the U.S. jumped 11.4% in October, better than the year-to-date results of 9%.
Sales of electrified vehicles jumped 54% in China, according to market research firm Rho Motion. Overall, sales jumped to 1.7 million units in October, beating the previous record set in September by 50,000 vehicles.
The Chinese EV market has once again set another monthly record with 1.2 million units sold, growing by 6% compared to the previous month and by over 50% compared to October 2023. Sales in the U.S. and Canada were up 11.4%, which is slightly higher than the year-to-date total of 9%.
“The global EV market is now picking back up again, hitting record sales for the second month in a row,” said Charles Lester, Rho Motion data manager. “Most of the growth is coming from China and Western manufacturers are clearly feeling threatened by this. The U.S. market remains buoyant in part thanks to IRA funding for consumers switching to electric which may be at risk with the start of the Trump presidency.”
Strong year so far
While the October numbers are impressive, the results for the first three quarters of 2024 are also encouraging. Globally sales are at 13.3 million, which is a 24% jump compared to 2023. China is leading the way unsurprisingly with a 38% growth rate.
Chinese EV sales rose 54% in October and are up 38% for the year-to-date.
The U.S. and Canada saw sales rise 9%. The only region that’s down is Europe, falling 3%, but superseded by the rest of the world with a 27% jump to 1 million vehicles.
In the U.S., General Motors has enjoyed a strong run in 2024. The company produced more than 120,000 units of the Equinox EV, Blazer EV, and Honda Prologue, at its facility in Mexico this year, led by over 50,000 units of the Equinox.
The U.S. Department of the Treasury also announced that consumers have saved more than USD2 billion in upfront costs on purchases of more than 300,000 clean vehicles since the start of the year.
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U.S. sales rise despite pricing
Consumers bought more new EVs in October than September as prices dipped a bit. However, compared to last October, they’re up just slightly, according to Cox Automotive data. Automakers and the federal government found ways to make EVs enticing through incentives.
The average transaction price for a new Tesla – the industry’s EV leader – declined in October from September to $56,705.
The average incentive package offered on an EV, including estimates for government incentives when applicable, was 13.7% of ATP, up from a revised 11.6% in September and well more than double the level seen one year ago when incentives were 5.6% of ATP. EV incentives have been elevated throughout 2024, according to Kelley Blue Book data, averaging near 11% of ATP, well above industry average.
The average transaction price for a new Tesla — the industry’s EV leader — declined in October from September to $56,705, according to an initial estimate, but was higher year over year by more than 10%.
Lower month-over-month Tesla prices in October were likely influenced by a drop in Cybertruck ATPs, which fell below $100,000 for the first time since launch. In October, the Cybertruck ATP was $98,495. Sales were also lower, dropping to 4,254, the lowest total since June.
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