Global electric vehicle market sales surged by triple digits in the first half, outperforming the growth of the total car market during the period.
TSLA is up 1.60%, VWAGY up 1.05%, 0305 is up 1.39%, BMW.DE is up 1.06%, and STLA is down 0.89%.
Global electric vehicle sales jumped 160% to 2.6 million units in the first half, outpacing 26% of the total global car market. Growth was attributed to the return of demand amid the easing of COVID-19 restrictions in several markets.
China accounted for 1.1 million units, followed by Europe, which sold 1 million units. Both markets accounted for a combined 87% of electric vehicle sales worldwide, while the United States fell behind with 250,000 or 3%.
Chinese demand is expected to double its share of total car sales this year, with carmakers quickly expanding their offerings. New players have also entered the market, seeking to capitalize on the demand.
Tesla had the biggest market share of 15%, with strong sales recorded in China and the continued dominance in the United States. This was followed by Volkswagen with 13%, SGMW with 11%, and BMW and Stellantis both with 6%.
US President Joe Biden has proposed a $174 billion plan to boost the EV market and overtake China, with a goal of having 40% to 50% of all new cars electric by 2030.