Global EV Sales Up 23% in October; BYD Overtakes Tesla in UK

Global EV sales rose 23% year-on-year in October to 1.9 million units, driven by strong demand in China and Europe. China led with 1.3 million units—over half of global EV volume—benefiting from purchase tax incentives. Europe’s EV market surged 36% to 372,786 vehicles, supported by VAT cuts and expanding charging infrastructure in Germany, France and the UK. North America saw a 41% decline to 100,370 sales after U.S. federal tax credits expired, widening the price gap between EVs and combustion models. Other regions grew 37% to 141,368 units. In the UK, BYD overtook Tesla in October, recording 39,103 year-to-date sales against Tesla’s 35,455, thanks to competitive models like the Atto 3 and Seal. Market analysts at Rho Motion forecast global EV sales to exceed 17 million units in 2024—a 20% increase—while the IEA predicts Europe will command 25% of global EV sales by 2025. Automakers are responding with localized production and new factory investments. Falling battery costs at $132 per kWh and future solid-state advances are expected to narrow price gaps and sustain EV adoption into the next decade.