Global electric vehicle sales return to growth in October

Global demand for electric vehicles rebounded in October, according to research firm Benchmark Mineral Intelligence. The increase in sales was driven by a significant decline in China's market compared to a year ago, which led manufacturers to focus on exporting vehicles instead. As a result, China's new energy vehicle exports reached nearly 600,000 units, a monthly record.

In October, global sales of new battery-electric and plug-in hybrid electric vehicles rose 8% from the previous year, reaching 2.09 million vehicles. Year-to-date volumes increased by 5% to 17.5 million units. European sales surged 36%, fueled by subsidies, rising fuel prices, EU emissions legislation, and a growing number of models.

In the United States, October marked the first month measured since there was no federal tax credit for EVs. While North America saw a 24% increase, the US market has stabilized at a lower level rather than recovering, according to Charles Lester, Benchmark data manager.

Sales in the rest of the world grew by 85% and outpaced North America's growth, primarily due to increased Chinese exports.