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China ended an 11-year subsidy scheme for EV purchases in 2022,
but some local authorities have continued to offer aid or tax
rebates to attract investments as well as subsidies for
consumers.
EV sales in China, the world's largest auto market, increased
29% year-to-date in September. The global EV market showed 34%
growth in the same period.
China is entering the final two months of the year which are
seasonally high for vehicle sales, according to Rho Motion.
"What's notable about October's figures is that EV demand in
China continues to reach record highs even though the subsidies
were cut ... 2023 is set to be another banner year for China in
terms of EV sales," the market research firm said.
EV sales grew 26% in European markets, where cutting of
subsidies has weighed on demand as seen in Germany where
business subsidies were done away with in September, according
to Rho Motion.
"This (subsidies) is an important factor in the German market as
nearly two-thirds of passenger car registrations are
commercial," the market research firm said.
Tesla, Mercedes Benz and Volkswagen have warned high interest
rates and a subdued market in the region are putting customers
off.
EV sales in North America were up 78% so far this year.
"The North American market continues to have a strong 2023, with
Tesla still taking the lion's share of demand as legacy
automakers temper ambitions of scaling production," Rho Motion
said.
Still, Tesla's market share slipped to the lowest on record at
about 50% during the third quarter despite price cuts, according
to a report by dealer services firm Cox Automotive in October.
(Reporting by Arsheeya Bajwa in Bengaluru and Paul Lienert in
Detroit; Editing by Shounak Dasgupta)
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