US Plug-In EVs in January were 9.8% of all cars sold

In the US, 105,258 plug-in vehicles (79,517 BEVs and 25,741 PHEVs) were sold during January 2024, up 18.9% from the sales in January 2023. PEVs captured 9.78% of total LDV sales this month. (Source: Argonne National Laboratory)

Global EV Sales are up 69% year over year in January

Globally, Rho Motion reported a 69% rise in global electric vehicle sales in January compared to last year but a 26% drop from December due to subsidy cuts and stricter regulations in Germany and France, as well as a seasonal decline in sales in China. In the United States, according to the Argonne National Laboratory, EV sales (BEV’s 79,517 and PHEV’s 25,741)

Sales of fully electric cars, battery electric vehicles (BEVs), and plug-in hybrids hit 1.1 million in January, up from 660,000 in January 2023. (source Reuters)

Despite some auto-industry narratives suggesting otherwise, the sales of electric vehicles (EVs) in the United States are not declining. S&P Global Mobility had previously predicted in January that EVs would reach nearly 8% market share that month. However, recent figures from S&P indicate that EVs captured 8.8% of the market, based on registration data, in December 2023. This data suggests that EVs are gaining traction and becoming increasingly popular among consumers. Analysts have pointed out that this growth in EV sales is a positive sign for the industry and highlights the growing demand for electric vehicles in the market.

Overall: The Car Market is Growing

The automotive market is quite healthy, with sales of over 1.09 Million units, which put sales on track for over 15.2 Million vehicles sold, with S&P Global predicting a total volume of 15.94 million units in 2024, up by 3% from 2023. EV Sales represented. (Source S&P Global)