Electric vehicle sales have surged, with growth in all three top auto markets: China, the US, and Europe. Sales increased by 160% in the first half of 2021 from a year earlier, to 2.6 million units, representing 26% of new sales in the global automotive market.
China remained the world’s top EV market, with 1.1 million vehicles sold in the first half, accounting for 12% of sales. In the US, 250,000 EVs were sold, accounting for 3% of sales.
Industry analysts have forecast that sales of electric vehicles are on track to surpass five million units this year – counting only passenger cars.
In this regard, the EV market is demonstrating its robust nature as, despite the disruption caused by Covid-19, the market was able to grow. Political inducements have supported this. For instance, in the US, President Joe Biden set out a $174m commitment to support electric vehicle uptake, from charging infrastructure to topping up the federal tax credit, and his proposed new target of reaching 50% electrification by 2030.
One big EV winner was the Volkswagen Group (which includes Volkswagen, Audi, Porsche, Skoda, SEAT, and more) reporting an outstanding growth rate for its electric car sales. In Q3 2021, the German group was able to more than double the volume year-over-year to over 122,000. Christian Dahlheim, Head of Group Sales said: “As planned, we significantly accelerated the BEV market ramp up in China in the third quarter, and we are on track to meeting our target for the year of delivering 80,000 to 100,000 vehicles of the ID. model family.” Also, according to a Porsche press release, the Taycan has overtaken the 911 globally over the first three quarters of 2021.
Market penetration, however, has been mostly confined to the China, North American, and European markets, with Japan, Asia Pacific, and the rest of the world including Australia is significantly lagging in sales of EVs.
However, the last quarter of 2021 will see Australia’s EV sales increase when a number of new products hit the shores of Australia such as, the Hyundai Ioniq 5 and Volvos EC40, which have seen both initial allocations sold out for the year.
So, with several new EV models now debuting in Australia offering extended operating ranges and affordable prices, it looks like Australians can finally get on board, as there has never been a better time to own an electric-powered vehicle.
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