EV and energy transition research firm Rho Motion said that more than one million Electric Vehicles (EVs) were sold globally in January 2024—the most EVs ever sold in January, up 69% from January 2023 when 660,000 were sold.

China almost doubled last year’s January sales figure, accounting for 640,000 of the EVs sold globally.

In the EU & EFTA & UK, EV sales have grown by 29% y-o-y, 41% in the USA & Canada, and almost doubled in China.

With January being the seasonal low of the year following the high of December, the month-on-month sales figures declined 26% compared to a m-o-m decline of 48% in January 2023.

Europe in particular saw the largest m-o-m decline (32%) in terms of regions due to the abrupt end to EV subsidies in Germany and the reduction in France. In Germany, EV sales halved m-o-m following the end of the subsidy.

However, y-o-y sales increased by 40%. Likewise in France, EV sales also halved m-o-m but saw a 20% increase y-o-y. Europe in total increased sales by just shy of a third (29%) compared to January of last year demonstrating the demand for electric vehicles is well established now.

As for North America, the market continues to grow there with a 41% increase y-o-y, and a 14% decrease m-o-m.