Global EV and PHEV sales rocketed in January, but here’s why analysts are gloomy

AutoExec Summary
Global sales of electric vehicles and plug-in hybrids surged by 69% to 1.1 million deliveries in January 2024, but challenges lie ahead as total electrified vehicle sales dropped by 26% from December 2023. Subsidy cuts in France and Germany, along with weak demand in China, contributed to the decline. Despite this setback, analysts anticipate a resurgence in sales due to upcoming European Union CO2 limits in 2025, prompting car-makers to increase their EV and hybrid models. While sales dipped in Europe and China, North America experienced a more modest 14% decline. General Motors, initially planning to shift focus to full EVs in North America, is now reconsidering due to low demand and consumer concerns. Despite these hurdles, electric cars, exemplified by the Tesla Model Y, remain popular worldwide.

Brands mentioned: General Motors, Tesla