NIO - EV Company News For The Month Of March 2024
2024-04-07 04:43:13 ET
Summary
- Global electric car sales Feb. 2024 up 3% YoY to 13% share. China sales down 9% to 33% share. Europe up 10% to 20% share. USA up 11% to 8.8% share.1.
- EV market news - Biden administration cracks down on gasoline-fueled cars. India cuts import taxes on EVs. Electric cars pass the tipping point to mass adoption in 31 countries.
- EV company news - BYD’s net profit soared 80% to 30 billion yuan ($4.2 billion). Tesla slumps after Q1 deliveries miss. Xiaomi SU7 sold out for 2024 within 24 hours.
- Jaguar to end production of gas-powered models by June 2024 in shift to all-electric lineup. GM cuts 2024 Chevy Blazer EV price by up to $6,520, resumes sales. Nissan and Honda to start feasibility study of strategic partnership.
Welcome to the March 2024 edition of Electric Vehicle [EV] company news. YTD 2024 has seen the global plug-in electric car sales 'growth rate' slowdown from 30% in 2023 to about 14-17% in Q1, 2024. This is no disaster and is relatively normal for the seasonal slowdown that occurs each year in the first quarter. As a result, we are seeing a price war with many auto OEMs slashing prices, especially in China where the seasonal slowdown is mostly occurring. This should help sales pick up in 2024.
Plug-in electric car sales as of end February 2024
Global plug-in electric car sales were 830,000 in February 2024, up 3% on February 2023 sales. Global plug-in electric car market share in February was 13% , and 14% YTD. (Note: Jan. 2023 did have the Chinese New Year holiday which fell in Feb. in 2024, thereby significantly reducing Feb 2024 YoY growth).
China plug-in electric car sales were 440,000 in February 2024, down 9% on February 2023 sales (due to the timing of CNY falling in Feb. this year). Plug-in electric car market share in China for February was 33% , and 33% YTD.
Europe plug-in electric car sales were 202,000 in February 2024, up 10% YoY, reaching 20% market share and 20% YTD. Norway reached 92.1% share, Sweden 51.8% , Netherlands 35% (not updated this month), Germany 19.3% , France 26.3% , and UK 24.8% in February 2024....
EV Company News For The Month Of March 2024