Five facts about electric vehicles in 2024

Electric vehicles had another whirlwind year around the globe, driven by buyers in China and growth in parts of Europe and the United States, despite headwinds.

In a milestone for China, the world's biggest auto market, EVs hit 50 per cent of new car sales in July. That included pure battery EVs plus plug-in hybrid electric vehicles.

Chinese companies such as BYD continue to gain traction worldwide with their inexpensive EVs.

Electric vehicles also made headway in Europe and the U.S.

Uncertainty around purchase subsidies could complicate matters come 2025, especially under the incoming Trump administration in the U.S. But mainstream consumers remain interested in new models, longer driving ranges, better performance and lower prices.

The transition to electric vehicles is an important part of the shift to clean energy. Road transport accounts for around one-sixth of all global emissions from energy, according to the International Energy Agency.

Widespread EV adoption could significantly address climate change. 

Here are five facts about EVs this year. Most of the data comes from consultancy Rho Motion.

How well did electric vehicles sell?

The global EV market, including pure EVs and plug-in hybrids, grew by 25 per cent year-over-year as of November.

Rho Motion estimates 15.2 million EVs had been sold worldwide ahead of the end of the year, and the International Energy Agency expected electrified vehicle sales to reach one in five cars sold globally. Most were in China.

Where did the EV share of new cars jump the most? 

Mexico sold roughly five times as many EVs this year as last, mostly from Chinese powerhouse automaker BYD, according to Rho Motion.

Because China's population is so much larger, its 40 per cent growth year-to-date translates to many more EVs than Mexico's fivefold increase.

Other areas of note are the United Kingdom, which saw a roughly 17 per cent increase year-to-date. That's interesting to compare to France and Germany, which saw sales decline. 

In Turkey, the EV market grew by almost 50 per cent year-to-date, driven by Tesla entering the market last year and Togg, a Turkish auto company, ramping up its sales.

In Norway, which for years has been in first place for share of vehicles that are electric, 90 per cent of new cars were EVs.

What was the best-selling electric vehicle globally? In the United States?

The best-selling pure electric vehicles were the Tesla Model Y, followed by the Tesla Model 3 - both globally and in the U.S., according to Rho Motion.

The Model Y SUV was released in 2020. Its base version today costs nearly $45,000 U.S. (around $60,000 CAD in Canada).

The Model 3 was released in 2017. The least expensive version sells for around $42,000 U.S. (around $55,000 CAD in Canada).

Both have been eligible for a $7,500 tax credit in the U.S., the Canadian incentive for zero-emission vehicles, and provincial and territorial incentives in some parts of the country. 

Tesla picture changing?

Tesla's market share stood at 17 per cent of all electric cars across the globe through October, according to Rho Motion. 

In the U.S., Tesla's market share was 49 per cent through October.

That means the company still has the biggest EV market share. But its hold is shrinking as other auto companies combined sell a growing number of electrics.

For example, GM, Ford, Honda and more are offering a wider variety of EVs at lower prices and sizes and are chipping away at Tesla's longstanding lead.

Tesla remains the most valuable auto company in the world, with a market value of $1.4 trillion U.S.