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Adamas: EV parc in China growing 10 times faster than in US

In China, EV registrations, including plug-in and conventional hybrids, soared by 92% in January compared to the same month last year, according to Adamas Intelligence. At just under 765,000 units, more EVs were sold in China during the first month of 2024 than the next 19 countries combined. Every third passenger vehicle sold in China in January was electrified.

In terms of GWh of battery power in newly sold vehicles, China grew the size of its EV parc in January 2024 at more than twice the rate it did in January 2023. At 30.2 GWh, the country was responsible for 57% of global battery capacity deployment during the month and more than 91% in the Asia Pacific region.


Total GWhs added to roads in Europe in December were down 39% compared with the same month the year before. However, the region, led by the UK and France, which overtook Germany as the number one and two markets in Europe last year, recovered at the beginning of 2024 with the combined battery capacity of EVs sold during January up 33% year on year.

In the Americas, the EV market was suppressed by a decidedly bad month in the US with all EVs sold in January sporting just under 8.0 GWh of battery capacity. January’s year-on year-growth in the US barely reached double digits.

The US now also constitutes just 85% of the market in the Americas in GWh terms, down from more than 92% in January 2023. That is after second and third placed Canada and Brazil doubled and quadrupled battery capacity deployment in January, respectively.


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