(Reuters) - Global electric and plug-in hybrid vehicle sales in January rose 18% year on year, as growth in Europe and the United States outpaced China for the first time since last February, research firm Rho Motion said on Wednesday.
The European car market started the year on a strong footing as CO2 emission targets came into effect in the European Union, while holidays during the Chinese New Year led to a 43% month-on-month drop in the country's sales, Rho Motion data manager Charles Lester said.
WHY IT'S IMPORTANT
Governments worldwide are adopting different policies to encourage EV adoption while trade tensions and slowing car markets foreshadow plant closures and thousands of job losses.
China extended its auto trade-in subsidies into 2025 as part of an expanded consumer trade-in scheme in January, to avert a slowdown in EV sales while reviving economic growth.
Europe launched in the same month new consultations on CO2 emission targets with auto sector executives, unions and interest groups.
BY THE NUMBERS
Global sales of fully electric vehicles and plug-in hybrids (PHEV) rose 17.7% year on year to 1.3 million in January, the third consecutive month of slowing growth, the Rho Motion data showed.
Sales in China were up 11.8% year-on-year to 0.7 million vehicles in the month.
Europe reported sales of 0.25 million, up 21% from the same month of 2024. . .
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