KUALA LUMPUR: Global sales of new battery-electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) rose 8% year-on-year (y-o-y) to 2.09 million units in October, bringing year-to-date sales to 17.5 million units, up 5%, according to Benchmark Mineral Intelligence (BMI) data released by today.
China's y-o-y decline narrowed to 12%, as manufacturers continued to focus on exports. Passenger car new energy vehicle (NEV) exports reached nearly 600,000 units in October, marking another monthly record, according to Charles Lester of BMI.
Europe recorded a 36% increase in sales, supported by subsidies, higher fuel prices, European Union emissions regulations and a growing range of EV models.
In North America, sales rose 24%, returning the region to growth. However, October marked the first month in which US sales were compared against a period without the federal EV tax credit.
Lester said the US market had stabilised at a lower level rather than recovered, despite the regional increase.
Sales in the rest of the world climbed 85%, surpassing North America's total. The growth was largely driven by rising exports of Chinese-made electric vehicles, Lester added.
In Malaysia, the growing EV industry could also create opportunities beyond transportation, with the government proposing to repurpose retired EV batteries as energy storage systems for rural communities, Orang Asli settlements and healthcare facilities.
Housing and Local Government Minister Nga Kor Ming introduced the proposal, known as the “Circular Equity Dividend”, at the 31st United Nations Climate Change Conference (COP31) in Antalya, Türkiye.
The initiative aims to extend the lifespan of used EV batteries while improving electricity access for underserved communities, as part of Malaysia's broader circular economy agenda.