The global electric vehicle (EV) market maintained strong momentum in January 2025, recording an 18% year-on-year (YoY) growth in sales. However, a typical post-holiday slump saw sales drop 30% compared to December 2024.
China, the world’s largest EV market, experienced a sharp 43% month-on-month decline but still posted a 12% YoY increase. In contrast, the European and North American markets grew by 21% and 22% YoY, respectively, with Germany leading Europe at 50% growth. France, however, saw a 15% drop due to new PHEV weight taxes.
Despite this growth, analysts warn of potential disruptions ahead, particularly in the US and Canada, where new tariffs from the Trump administration could significantly impact future EV sales.
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