Global sales of plug-in hybrid electric vehicles (PHEVs) grown by 31 per cent in 2023, compared to a 60 per cent increase in 2022, according to Rho Motion.
Rho Motion data manager Charles Lester stated that global EV sales last year were largely in line with its forecast of 30 per cent growth. The company also expects global EV sales to grow between 25 per cent and 30 per cent in 2024.
The pace of growth is slowing, but that’s what’s expected in growing markets like this. You can’t double every year.
According to Rho Motion, December sales reached a monthly all-time high of 1.5 million units. Fully electric or battery electric vehicles (BEVs) accounted for 9.5 million of the 13.6 million electric units sold worldwide in 2023. PHEVs accounted for the rest of sales.
Some car manufacturers fear that sales of electric vehicles in Europe and elsewhere could face slowing demand after years of acceleration, as drivers are expecting better, smaller and cheaper models to emerge in two to three years.
BEV sales also leapt 50 per cent in the US and Canada, with Europe and China up 27 per cent and 15 per cent respectively. European sales in 2024 could be affected by Germany’s abrupt decision last year to drop subsidies for EVs, Lester added.
Only 8% of European BEV sales came from the small car segment, according to Rho Motion. The company suggests that the situation should start changing with the introduction of smaller models, such as the Citroen eC3 from Stellantis (STLAM.MI) due to be available later this year.
