EV car sales to top 20 million in 2025, research firm says
Global sales of fully electric and plug-in hybrid vehicles will rise by at least 17% this year to over 20 million cars, helped by an extension of China's auto trade-in subsidies, research firm Rho Motion forecast on Tuesday.
Europe, the world's second-biggest EV market, will return to sales growth as CO2 emission targets come into effect and cheaper models become available, but the pace will remain slower than in 2023, Rho Motion Head of Research, Iola Hughes, said.
Car makers look to 2025 as a transformative year as Europe introduces new targets to encourage EV adoption and China extends subsidies, while the U.S. rolls back its electrification targets under the administration of President Donald Trump.
EV sales in China will likely rise more than a previous forecast for 17% growth in 2025 and boost its market dominance thanks to the extension of subsidies, Rho Motion estimates. In 2024, they jumped by a record 40% to 11 million.
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