For the first time, electric vehicle (EV) sales in the United States have surpassed those in Europe, with a record-breaking 344,000 vehicles sold in Q3 2024, according to New AutoMotive’s Global Electric Vehicle Tracker (GEVT). This milestone reflects a shift in the global EV market as the U.S. accelerates its electrification efforts, outpacing European sales despite a slight slowdown in September. During that month, U.S. sales exceeded 104,000 units, contributing to a global monthly total of 1.05 million EVs sold in September, capturing an 18.6% share of the global automotive market.
With total global EV sales reaching 10.6 million by September, the numbers underscore an accelerating shift toward electric mobility worldwide. European countries have continued to show growth, with Belgium, Denmark, Italy, Norway, and Portugal reporting over 30% increases in EV sales for September year-over-year. Countries like Hungary, Malta, the Netherlands, and Spain experienced even more substantial growth, with sales surging by 50% compared to September 2023.
EV market growth in Germany
Germany, traditionally one of Europe’s largest EV markets, posted a more modest increase of 8.7% year-over-year in September. Analysts attribute this slower growth partly to the removal of EV subsidies earlier in the year, which has dampened sales momentum. However, the United Kingdom’s market has remained strong, with over 10,000 additional EVs sold in September 2024 compared to the previous year. This growth positions the UK to become the fourth-largest EV market globally, underscoring the country’s commitment to electrification despite economic pressures.
Tesla continues to lead the European market, with sales in the 12 months leading up to September 2024 surpassing those of rivals BMW and Volkswagen by more than 50%. This dominance contrasts with Tesla’s position in China, where it trails behind local competitor BYD. BYD’s success is notable, as it sold nearly twice as many EVs as Tesla in China over the same period. The Chinese market has witnessed a rapid decline in internal combustion engine (ICE) vehicle sales, with an 18% drop in September compared to the previous year, and ICE vehicles now represent just 54% of the Chinese automotive market. This decline highlights the aggressive shift to EVs in China, which remains the world’s largest market for both EVs and overall vehicle sales.
The CEO of New Automotive commented,
Ben Nelmes, CEO of New Automotive, commented on the shifting dynamics within the global EV market, expressing concern over Europe’s declining momentum. “Europe is falling behind the U.S. as sales growth lags, and policymakers consider rolling back emissions regulations,” Nelmes said. He cited cuts to incentives and the introduction of tariffs as factors that could slow European EV sales growth. While these obstacles are unlikely to prevent the continued expansion of the EV market, they do place Europe at a crossroads in terms of its transportation policies.
“The key question is whether Europe chooses a slow transition, or whether it stays on course, attracting jobs, growth, and investment in clean vehicle manufacturing and making cheaper, cleaner transport accessible for all,” Nelmes added. As the U.S. and China advance their EV policies and sales, Europe’s approach will play a critical role in determining its competitive position in the global transition to electrified transport.
This surge in U.S. EV sales signals both increasing domestic demand and a readiness for large-scale EV adoption. As more manufacturers introduce new models and expand production capacity, experts anticipate further growth in the American EV market. With significant investments in battery production, charging infrastructure, and policy support, the U.S. appears poised to maintain its newly claimed lead in EV sales. Europe’s next steps—whether toward robust incentives or regulatory easing—will ultimately determine if it can keep pace in the rapidly evolving global EV landscape.
