Global electric vehicle sales return to growth in October

By Mathias de Rozario Nov 12 (Reuters) – Global demand for electrified cars returned to growth in October, reflecting a very low US comparison ​base coupled with continued growth in ‌Europe, data from UK-based research firm Benchmark Mineral Intelligence showed on Thursday. “Even though the Chinese market is down domestically, that has then in turn resulted in a lot ‌of ​OEMs pushing the exports and ⁠contributing significantly to the ⁠rest of the world,” Benchmark data manager Charles Lester told Reuters. • Global sales of new battery-electric and plug-in hybrid electric vehicles climbed 8% ​from a year ago to 2.09 million vehicles in October, while year-to-date volumes were up ⁠5% at 17.5 million units • “China’s ⁠year-on-year decline narrowed to 12% as ​manufacturers continued to lean on exports, with passenger car ​NEV (new energy vehicle) exports reaching almost 600,000 units, ‌another monthly record,” Lester said • European sales grew 36%, helped by subsidies, rising fuel prices, EU emissions legislation and a rising number of models • ⁠In the US, October was the first month measured against a period without a federal tax credit for ⁠EVs • While ‌North America returned to growth with ⁠a 24% rise, the US market ​has ‌stabilised at a lower level rather ​than recovered, ⁠Lester said • Sales in the rest of the world rose 85% and were higher than North America’s, largely driven by growth in Chinese exports, he added (Reporting by Mathias de Rozario in Gdansk, editing by ​Milla Nissi-Prussak)