Strategy& – Electric Vehicle Sales Review, Q1 2025

The main topic of the report is the analysis of electric vehicle (BEV and PHEV) sales in the first quarter of 2025.

Key findings include a 42% increase in global BEV sales compared to Q1 2024, reaching a record market share of 16%. China dominates the market, accounting for over 60% of global BEV sales, with a 55% growth driven by government incentives. PHEV sales also increased by 27% year-over-year, mainly due to a 37% growth in China. There is a recovery in sales in the five largest European markets, particularly in the UK and Germany. Despite significant growth, the pace of vehicle electrification does not meet expectations due to geopolitical uncertainty. In the US, BEV sales grew by 18% amid uncertainty over tax credits.