Electric vehicle sales break global records amid industry challenges

Despite challenges in the electric vehicle market, global EV and plug-in hybrid sales are poised to reach 17 million units this year, up from 13.7 million last year, according to new IEA estimates. Growth is particularly strong in emerging markets, where 1.4 million EVs will be sold, driven by demand in Southeast Asia and Brazil. Meanwhile, Europe and the U.S. remain significant markets, although growth rates are slower than in previous years.

Amid competition and production reassessments, automakers like Ford and GM face challenges, while Tesla is pressured by China’s BYD. Yet, brands like Hyundai, Kia, and Volkswagen report strong sales, and Toyota’s hybrid focus continues to be lucrative despite criticism. With one-fifth of global vehicles sold this year being electric or hybrid, the transition to electrification is clear, reflecting a steady long-term trend toward a fully electric future. — Canary Media


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