BloomberNEF – Electric Vehicle Outlook, 2024

The global electric vehicle market in 2024 is showing varied progress, with some markets experiencing a slowdown in sales and automakers adjusting their targets. However, electric commercial vehicles are seeing significant growth, while buses and two- and three-wheelers are already highly electrified. Developing countries like Thailand, India, Turkey, and Brazil are also seeing record sales due to the availability of affordable electric models. Chinese automakers are expanding their EV sales in new markets as well. China leads in battery and EV supply chain technology, prompting other regions like Europe, the US, and India to focus on onshoring manufacturing and supporting domestic companies. Geopolitical tensions and protectionist measures could potentially slow down global EV adoption. Policy support for EVs is becoming less certain, with some European governments cutting subsidies earlier than expected. Calls to relax CO2 targets and phase out internal-combustion vehicle sales are increasing. The outcome of the US presidential election may impact EV progress there, leaving China as the only major market experiencing consumer-driven growth in EV sales.