Strong Demand In China Leads To Significant Rise In Global EV Sales

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Sales for electrified vehicles exceeded 287,000 units in the third quarter of 2017, marking a 63% boost over the same period last year and a 23% increase over this year's Q2 numbers.

China accounted for over half of global sales, while Europe followed as the second-biggest EV market in Q3, with North America trailing in third place, Autonews reports .

"The Chinese government is very focused on pushing up EV sales," stated BNEF analyst Aleksandra O'Donovan. "One reason for that is the local pollution levels in the cities, and a second is for China to build domestic heroes to compete internationally in this market."

At the same time, government incentives also play a big role in China where national subsidies make EVs "up to 40 percent cheaper than regular internal combustion cars," added O'Donovan.

According to BNEF, global sales for full-electric and plug-in hybrid cars are expected to surpass 1 million units this year for the first time as charging infrastructure improves and the vehicles themselves now offer longer driving ranges.

While China is still considering a ban on new gasoline and diesel cars in the future, countries such as France and the UK have already announced they intend to ban such models by the year 2040, with the Netherlands being even more ambitious by targeting a 2030 ban.

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