Global electric vehicle (EV) and plug-in hybrid vehicle (PHEV) sales dropped 26% in January 2024 from a peak in December 2023, despite a year-on-year rise in the same month, according to data from Rho Motion. The firm recorded total sales of 1.1 million EVs and PHEVs for the month, marking a 69% increase from 660,000 units sold in January 2023. The decrease is attributed to subsidy cuts, stricter regulations, and a seasonal slump in sales, especially in Germany, France, and China. However, Charles Lester from Rho Motion remains optimistic, believing that the downward trend will be short-lived, as automakers increase spending on new EVs and PHEVs in response to stricter EU CO2 limits.
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