Global EV sales surpass 4.1 million units in Q1, surging 29% YoY

According to foreign media reports, based on the latest data from electric vehicle research firm Rho Motion, global EV sales climbed to 1.7 million units in March 2025, propelling total Q1 sales to 4.1 million units, a 29% YoY increase. March sales also saw a significant 40% MoM increase from February, continuing the robust growth of the EV market.

From the beginning of 2025 to date, European EV sales have steadily increased by 22%, reaching 900,000 units, primarily driven by battery electric vehicles (BEVs), which saw a 27% sales increase. Germany's BEV market grew by 37%, Italy's surged by 64%, and the UK's EV sales for a single month in March exceeded the 100,000-unit threshold for the first time, setting a new record for new vehicle registrations. However, severely impacted by reduced government subsidies, France's EV sales declined by 18%, BEV sales dropped by 5%, and plug-in hybrid electric vehicle (PHEV) sales plummeted by 47%.

Global EV sales surpass 4.1 million units in Q1, surging 29% YoY

In the North American EV market, Q1 2025 sales increased by 16% YoY to 500,000 units, but policy uncertainty looms over the market outlook. The Trump administration has recently introduced a series of tariff hikes: a 25% tariff on imported cars from Canada and Mexico was imposed in February, expanded to all imported car categories in March, and on April 14, Trump indicated that he was considering temporary tariff exemptions for imported cars and parts. Notably, nearly 40% of EV sales in the US market rely on imports from countries such as Japan, South Korea, and Mexico. This round of tariff adjustments may significantly push up terminal selling prices and have a profound impact on the market's supply-demand pattern.

China continues to lead the global EV market.
Q1 2025 sales climbed 36% YoY to 2.4 million units, with March monthly sales approaching the one-million-unit threshold (a milestone first achieved in August 2024). Given the limited number of imported EVs in China, the impact of the US-China tariff crisis on China is expected to be minimal. However, it is worth noting that prices for US-made imported models such as Tesla's Model X/S may nearly double due to tariff adjustments.

Global EV sales surpass 4.1 million units in Q1, surging 29% YoY

Charles Lester, Data Manager at Rho Motion, stated, "Despite facing policy fluctuations, the global EV market maintained robust growth in Q1 2025. Multiple markets, represented by the UK, performed particularly well, with March monthly sales reaching a record high, reflecting consumers' continued favour for EVs."

Meanwhile, in North America, industry forecasts struggle to keep pace with the Trump administration's policy announcements. What is certain is that the EV market is already striving to compete on cost with internal combustion engine vehicles. Therefore, reduced subsidies and the imposition of hefty tariffs on a highly internationalized supply chain will inevitably have a cooling effect on the industry.

Please note that this news is sourced from https://auto.gasgoo.com/news/202504/26I70424001C108.shtml and translated y SMM.