According to a recent report by Counterpoint, the global sales of passenger electric vehicles (EVs), which include both battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), saw an 18% year-over-year increase in the first quarter of 2024. Pure electric vehicle sales grew by 7%, while plug-in hybrid vehicle sales surged by 46%.
China continues to dominate the global EV market, followed by the United States and Europe. In the first quarter of 2024, China's EV sales increased by a substantial 28% year-over-year, whereas the United States saw a modest 2% increase. Despite overall growth in the U.S. market, pure electric vehicle sales declined by 3%.
Leading EV manufacturers like Tesla and BYD have successfully reduced the manufacturing costs of pure electric vehicles, enabling them to offer competitive pricing.
This cost reduction has placed significant pressure on traditional automakers such as Ford and General Motors, which are still struggling...
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