"Media headlines suggesting some slowdown in EV sales are simply incorrect," writes the site Electrek, "and leave out the bigger picture that gas car sales actually are dropping..."
Over the course of
the last two years or so, sales of battery electric vehicles, while
continuing to grow, have posted lower year-over-year percentage
growth rates than they had in years prior. EV sales used to grow at
50%+ per year, but for the last couple years, they have grown closer
to ~25% per year. This alone is not particularly remarkable — it
is inevitable that any growing product or category will show slower
percentage growth rates as sales rise, particularly one that has been
growing at such a fast rate for so long. In some recent years, we
had even seen year-over-year
doublings in EV market share (though one of those was 2020->2021,
which was anomalous). To expect improvement at that level perpetually
would be close to impossible — after 3 years of doubling
market share from 2023's 18% number, EVs would account for more
than 100% of the global automotive market, which cannot happen...
We have seen a global EV sales growth rate of 23% in the first 10
months of this year, according to a report just released by Rho
Motion (recently acquired by Benchmark Mineral Intelligence). That
includes a +32% bump in Europe, +22% bump in China, +4% in North
America, and a big +48% bump in the "rest of the world." Notably,
this 23% global growth rate is higher than last year's YTD growth
rate, which was 22%
at this time...
In covering these trends, some journalists have attempted to use
the less-wrong phrase "slower growth," showing that EV sales are
still growing, but at a lower percentage change than previously seen.
But for the first ten months of this year, that isn't true — EV
sales are up more in 2025 than in 2024 by a percentage basis. They
are also up in raw sales numbers — in 2024, EV
sales grew by a larger number than in 2023. And the same is true ...
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