A record number of electric vehicles (EVs) changed hands globally in September, with 2.1 million machines sold across the month.
Data from Rho Motion, a Benchmark Mineral Intelligence Company, found year-to-date (YTD) sales to the end of September reached 14.7 million (up 26 per cent on the same period last year), with significantly more YTD sales in China (9 million; up 24 per cent), Europe (3 million; up 32 per cent), and the rest of the world (1.2 million; up 48 per cent).
The US saw a more tempered YTD increase of 11 per cent to 1.5 million sales.
Europe saw a 55 per cent month-on-month uptick in September, where 427,000 EVs were sold, while consumers in the US rushed to take advantage of $7500 worth of tax credits which expired on September 30, with a second consecutive monthly high for EV sales.
Rho Motion sees demand falling sharply in the fourth quarter of 2025, “as both consumers and businesses lose access to the federal incentives that have underpinned EV purchases”.
The US Government announced in November 2024 that it would suspend the EV tax credits, which is expected to benefit China’s EV industry, which is charging full steam ahead.
All in all, EV sales momentum remains strong.
“Global EV sales topped two million units in a single month for the first time, driven by record-breaking demand across major markets,” Rho Motion data manager Charles Lester said.
“The US surged ahead as buyers raced to claim expiring tax credits, the UK hit new highs on the back of fresh registration plates and the Electric Car Grant, and South Korea set records thanks to Tesla, Hyundai, Kia, and rising BYD imports.”
Demand in European markets is set to remain strong due to various subsidies.
“Germany is expected to see a renewed boost in EV demand following the approval of a new €3 billion ($US3.5 billion) incentive package,” Rho Motion said.
This will help low- and middle-income households with purchase and leasing options.
“Italy and Spain also continue to benefit from supportive incentives, with Italy’s EV market expanding by two-thirds year on year and Spain’s more than doubling,” Rho Motion said.
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