Global electric car sales in February impacted by China's New Year celebrations

Global electric car sales: Global sales of fully electric and plug-in hybrid vehicles (PHEVs) experienced a modest increase of 3 per cent in February compared to the same period last year, primarily due to the effects of the Chinese Lunar New Year celebrations, according to market research firm Rho Motion.

Rho Motion reported that global sales reached 800,000 units, with Europe seeing a 12 per cent growth compared to February of the previous year, while sales in the US and Canada surged by 31 per cent. However, sales in China declined by 12 per cent.

Charles Lester, data manager at Rho Motion, highlighted that the subdued growth in global electric car sales was primarily attributed to the decline in China, which remains the dominant market for electric vehicles.

Despite the recent slowdown in sales, Lester noted that sales in China have increased by 34 per cent since the beginning of the year. 

He stressed that this provides a more accurate assessment of the market's performance, considering that China's Lunar New Year last year occurred in January.

Rho Motion anticipates global electric car sales to grow by 25 per cent to 30 per cent this year, reflecting continued growth momentum in the industry.

(With Reuters Inputs)