Rho Motion’s latest data report details record global EV sales for September, led by China
Leading research house Rho Motion has published its monthly global EV sales report, relaying that the industry saw a record amount of purchases in September. It should come as little surprise that EV powerhouse China led the world in the 1.7 million EVs sold around the world last month.
Rho Motion describes itself as a leading researcher in “actionable intelligence into electric vehicle and battery markets, associated technologies including motors and systems, charging and infrastructure, energy stationary storage, battery recycling, and the wider energy and renewables markets.”
The company was founded in 2018, but in 2024, it merged with Benchmark Mineral Intelligence, one of the fastest-growing businesses at scale for lithium, critical minerals, and energy transitions. Through its research, Rho Motion publishes a number of reports pertaining to the EV industry and adjacent technologies, including battery demand outlook, EV quarterly outlooks, and monthly sales data reports.
According to a company representative, Rho Motion’s data for its reports is gathered country by country from Governments, car associations, national statistics, OEMs, and trade data, and its team scrutinizes and checks it before compiling everything together to publish to the public.
Most recently, Rho Motion shared its global EV sales report for September 2024, which saw the most sales for any month ever and demonstrated encouraging year-over-year growth for EV adoption. We’ve broken down some key figures of the report for you below.
Global EV sales reach new high and continue to grow YOY
The full global EV sales report for September, available here, shows that tallies around the world reached a record 1.7 million. That’s 150,000 more EV purchases than the previous record achieved in December 2023.
Many outlets more distant from the true pulse of EVs have painted a grim picture for EV adoption as sales in certain markets have slowed down. However, the global outlook paints a much rosier image of the future and shows that it’s not necessarily EV sales that are slowing down but rather certain models from OEMs in particular markets.
For example, China, a bona fide leader in EV innovation and adoption, contributed a massive chunk of the global EV sales for September 2024, reporting 1.1 million units sold. That’s approximately 65% of all global sales. This was another record month for China, which previously achieved 1 million EV units sold in August 2024.
Chinese OEMs have also become some of the most aggressive in global expansion, especially in Europe, and have shown no signs of backing down from new markets despite hefty tariffs implemented on Chinese-built EV imports. Those tariffs are expected to take effect in November and last five years.
Per the report, just over 300,00 EVs were sold in EU & EFTA & UK in September, combining for 2.2 million units sold in 2024 so far. BEV sales increased were up 12% year-on-year, but PHEV sales were down 12% compared to September 2023. Norway continues to stand out with extremely high EV penetration rates, although market volume is currently down by 4% year-to-date. The German market, home to major marques like Mercedes-Benz, BMW, and Volkswagen Group, has grown 7% year-over-year, but that market’s YTD sales are still down by 20%.
Across the pond, EV markets in the US & Canada market continue to grow at a steady pace, up 10% for 2024 as of September. Rho Motion data manager Charles Lester commented on the numbers from each continent and how they hint at the progress of global EV sales going forward:
This record-breaking month of EV sales brings new hope to the industry. While the electrification of transport seems inevitable, the recent slowdown of sales in many parts of the world has sewn seeds of doubt which can now start to be swept aside. However, the regional disparities are astonishing, with China alone accounting for well over half the global total. Meanwhile, Europe’s numbers are shrinking, and the US and Canada are steadily growing.
As part of the report, Rho Motion also shared a snapshot of YTD global EV sales and compared them to the same timeframe from January to September 2023:
- Global EV sales: 11.5 million, +22%
- China: 7.2 million, +35%
- EU & EFTA & UK: 2.2 million, -4%
- USA & Canada: 1.3 million, +10%
- Rest of World: 0.9 million, +25%
So, is EV adoption slowing down, or are certain markets not delivering new models at the price and features their local consumers want? Data doesn’t lie. EV adoption continues to snowball globally, and the recent lagging sales feel more like a speed bump than a true cause for worry.
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Legacy motorcycle maker Royal Enfield has released a teaser ahead of its expected electric motorcycle launch next month at the Milan Motorcycle Show (EICMA).
In the teaser video, seen below, the electric motorcycle is lowered down by a parachute as if being air-dropped. The video is accompanied by a caption teasing the unveiling on November 4th, the start of the Milan Motorcycle Show.
We got an early look at a prototype electric motorcycle from Royal Enfield at the show last year, but this year is expected to see the unveiling of a production version of the bike.
According to local media, the electric motorcycle will be the first of several developed on the same platform, allowing for multiple electric motorcycles to share the same basic structure.
The use of a structural battery pack is similar to other companies such as Harley-Davidson’s LiveWire, which also employs a structural battery pack as the basis of a platform that is used to produce several different electric motorcycle models.
The move is particularly important to the electric motorcycle industry, especially inside of India, due to the company’s major role in the motorcycle industry. Royal Enfield is one of India’s most iconic and oldest motorcycle manufacturers, with a rich history dating back over 120 years. Known for producing sturdy, classic, and retro-styled motorcycles, Royal Enfield has built a strong following both domestically and internationally.
In India, the brand is synonymous with rugged, reliable bikes, which are highly popular for both long-distance touring and everyday commuting. Royal Enfield holds a dominant position in the mid-size motorcycle segment (250-750cc) in India and has cultivated a loyal fan base due to its blend of vintage charm and modern engineering.
Despite Royal Enfield’s popularity for touring bikes, the upcoming electric motorcycle is more likely to focus on commuting roles due to the limited range offered by most affordably-priced electric motorcycles.
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Gogoro announced today the expansion of consumer sales of three of its electric scooters in the Singapore market, marking a major expansion from the company’s commercial fleet-based entry into the market.
Known for its battery-swapping network that fuels its own electric scooters as well as those produced by other major motorbike manufacturers such as Yamaha and Aeon, Gogoro has become the de facto battery-swapping standard for two-wheeled EVs.
The company has expanded its battery-swapping network into several countries across Asia, often beginning with commercial operations. Last year, Gogoro partnered with Food Panda to outfit delivery riders with Gogoro scooters and batteries in Singapore.
Cycle & Carriage Singapore (C&C) served as the importer and distributor, and is now expanding operations to include consumer sales of three electric scooters. The models include the Gogoro VivaMix, Gogoro Premium, and Gogoro SuperSport.
“Together with Cycle & Carriage, we are introducing a new generation of two-wheel urban transportation and refueling in Singapore. Gogoro battery swapping provides a quick, easy and safe electric refueling experience that doesn’t require parking or time to charge,” said Henry Chiang, CEO of Gogoro. “Singapore has taken a proactive approach to accelerating EV adoption and the Singapore LTA’s TR25 electric vehicle charging standard has established a strong set of requirements for Southeast Asia to embrace.”
“Gogoro is Cycle & Carriage’s first foray into the two-wheeler electric mobility business here in Singapore and it highlights our commitment to support the Singapore Green Plan 2030,” said Wilfrid Foo, Managing Director of Cycle & Carriage Singapore. “While battery swapping technology is relatively new here, we believe in the products and our partnership with Gogoro will accelerate the growth.”
Gogoro’s battery-swapping standard has proven popular in its domestic market of Taiwan, where over 1.4 million batteries are in circulation. The company boasts hundreds of millions of battery swaps with hundreds of thousands occurring every day. Battery swap stations outnumber gasoline stations on the island and riders are rarely more than several hundred feet from the closest battery swap kiosk.
The company’s operations are smaller in other countries into which it has expanded, but represent an important launching pad in various regions as Gogoro hopes to replicate its local success on a global level.
Electrek’s Take
The expansion of consumer sales of Gogoro’s scooters in Singapore is particularly interesting to me for two reasons. First of all, EVs make up only around one percent of Singapore’s two-wheeler market, meaning there is a lot of room to replace combustion vehicles.
Secondly, and perhaps more importantly, Singapore’s two-wheeler market is a much smaller portion of the total vehicle landscape than most countries that Gogoro has entered. By comparison, other markets that Gogoro has targeted, such as Taiwan, India, and Indonesia, all have more two-wheelers than cars. But compared to the several motorbike-majority countries that Gogoro has entered, scooters and motorcycles only make up around 15% of the Singapore transportation market, meaning Gogoro is working in areas with much smaller two-wheeler shares. That’s likely good news for Gogoro fans in other countries that hope to have the battery-swapping giant one day make landfall on their own shores. Of course, Singapore’s size and geography likely play a unique role in its selection as a point of expansion for Gogoro, but I still see it as a promising sign for a wider Gogoro rollout.
At the same time though, there’s also the issue of current financial troubles at Gogoro, evidenced by multiple successive quarters of net operating losses in the millions of dollars. But if Gogoro is to turn things around, success on a global level could be a major contributor. The thousands of swapping stations across Taiwan are evidence of the operational success of the system, and now the company needs to demonstrate that it can also be a financial success around the world.
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