A total 17.3 million electric cars were produced worldwide in 2024, about one-quarter more than in 2023, largely as a result of increased production in China, which reached 12.4 million electric cars. China remains the world’s electric car manufacturing hub, accounting for more than 70% of global production in 2024. Production in China has been increasingly shaped by the expansion of domestic manufacturers. In 2024, Chinese OEMs accounted for more than 80% of domestic production, up from roughly two-thirds in 2021. Despite the numerous recently announced foreign direct investment plans from Chinese OEMs, their overseas production has yet to ramp up. Electric car production by Chinese OEMs operating outside China accounted for less than 2% of their global output in 2024.

In the world’s second-largest electric car manufacturing region, the European Union, production stagnated at 2.4 million cars in 2024, but surpassed domestic sales by more than 5%. Domestic carmakers were behind nearly 80% of the region’s total output, but there were contrasting trends among EU OEMs. While German OEMs marked a 5% year-on-year increase in their EU output, other EU OEMs (Stellantis and Renault) saw their regional production drop by over 15%, producing about 420 000 electric cars, or less than 20% of the region’s output. Meanwhile, there was a sixfold increase in EU production by US OEMs between 2021 and 2024, predominantly led by Tesla and Ford. This contributed to the share of foreign OEMs in EU production reaching about 20% in 2024.

Elsewhere in Europe, the United Kingdom saw its electric car output drop 30% year-on-year in 2024 to around 80 000 electric cars, while Türkiye’s production grew to 45 000, with two-thirds produced by domestic manufacturer Togg.

Manufacturing trends in North America showed notable contrasts. The gap between domestic production and sales in North America has increased steadily over the past 3 years. In 2024, despite electric car production falling 7% in the United States, overall output across the region remained unchanged year-on-year, as the decline in US output was offset by Mexico doubling its production to 220 000 electric cars. US-headquartered carmakers ramping up their manufacturing operations in Mexico were responsible for 70% of the country’s total output, followed by Japanese and EU OEMs contributing equally to the remaining 30%. Meanwhile, Canada’s output paled in comparison to its neighbours, remaining constant from 2023 at 25 000 vehicles.

Electric car production also increased in Asia Pacific countries other than China to reach about 1 million. While incumbent carmakers such as Japan’s Toyota and Korea’s Hyundai were behind most of the region’s output, emerging EV players like VinFast in Viet Nam or Tata in India were responsible for an increasing share of production, growing from 10% in 2023 to 15% in 2024. In India, in particular, domestic OEMs (Tata and Mahindra) accounted for more than 80% of the 75 000 electric cars produced domestically in 2024.

China and the European Union remained the world’s largest EV exporters, while Mexico ramped up exports to the United States

Global electric car exports1 surged by nearly 20% in 2024, reaching about 3.2 million electric cars and accounting for almost 20% of global sales, a share similar to that seen in 2023 and 2022. As with manufacturing, China accounted for the largest share, with 40% of global exports, or nearly 1.25 million electric cars.

In 2024, the European Union saw its exports grow 9% year-on-year to nearly 830 000 electric cars. The key destination markets for EU-made electric cars remained unchanged, with other European countries accounting for almost 60% of exports (40% to the United Kingdom), followed by North America, accounting for about one-quarter of EU exports. The European Union remained a net exporter of electric cars in 2024, despite importing about 680 000 electric cars. While imports from China remained steady in 2024 at more than 400 000 electric cars (60% of EU imports), the share of Chinese OEMs in imports from China grew to two-thirds in 2024, up from 50% in the previous year. The Chinese OEM Geely accounted for almost 40% of these imports, mainly through its brand Volvo Cars, while Tesla’s share decreased from 30% to 20% as more than half of its EU sales in 2024 were produced at its German assembly plant. Other European countries rely significantly on imports, primarily from the European Union. The majority of production elsewhere in Europe is based in the United Kingdom and Türkiye, but these countries were responsible for less than 15% of regional sales in 2024. China was the second-largest trade partner for electric cars, accounting for more than one-quarter of the 840 000 electric cars imported by non-EU European countries in 2024.

The United States remained a net importer of electric cars in 2024. Exports fell nearly 15% year-on-year to less than 200 000 electric cars, while imports grew 40% to 630 000. In 2024, Mexico became the United States' largest electric car trade partner, with net exports to the United States reaching 145 000 vehicles. Imports from Mexico grew threefold compared to 2023, representing more than two-thirds of Mexico’s output. This surge was primarily driven by US OEMs (accounting for 70% of Mexico’s exports to the United States) and Japanese OEMs (20%). Japan and Korea, previously the largest next exporters to the United States, each accounted for net exports of roughly 135 000 vehicles in 2024. Despite being the top source of imports in gross terms, the European Union ranked fourth in net electric car exports to the United States in 2024, totalling about 110 000 vehicles. Meanwhile, 40% of US-made electric car exports went to Canada in 2024, making it the largest US export market.

Japan and Korea accounted for the majority of the nearly 640 000 electric cars exported from the Asia Pacific region excluding China in 2024, primarily through their domestic manufacturers, with an increase of 15% from 2023. The United States was the main destination market for these exports, accounting for more than a quarter of the 1 million electric cars produced in the region. Europe followed, importing another quarter of the region’s production.

Chinese exports are increasingly driven by domestic OEMs as their destinations diversify

While it remains the world’s largest exporter of electric cars, China experienced a noticeable slowdown in export growth in 2024. According to the China Association of Automobile Manufacturers (CAAM), the country exported over 1.15 million electric cars in 2023, marking a staggering 80% growth from 2022. However, in 2024, annual export growth fell to just 7%, split unevenly across destination markets. 

Several factors contributed to this slowdown. Firstly, the increase in trade restrictions resulting from tariff hikes in major export markets prompted Chinese OEMs to frontload their exports before such tariffs came into force. In Brazil for example, although Chinese imports saw strong year-on-year growth, with an increase of 120% in 2024, they dropped sharply by a factor of eight in the second half of the year following the reinstatement of tariffs. Europe remained the most important export market for Chinese-made electric cars, but weakening demand, reluctance of European consumers to buy Chinese EV brands and new countervailing duties in the European Union led the share of value attributed to Europe in total Chinese EV exports to fall from over 70% in 2021 to roughly 40% in 2024. As a result, Chinese exports increasingly shifted towards emerging markets such as Mexico (+370%), Southeast Asia (+10%), Russian Federation (hereafter: Russia) and countries in the Caspian Sea region. 

Inventory build-up by Chinese OEMs also contributed to the slowdown in Chinese export growth. In 2023, sales of Chinese-made electric cars outside China fell short by 275 000 cars compared to CAAM’s reported exports. This led to clogged destination seaports, particularly in Europe and Brazil, and limited the capacity for additional imports in 2024 until excess inventory was cleared. However, this stockpile helped sustain overseas sales growth of 35% for Chinese-made electric cars in 2024, while exports grew only 7%.

Chinese OEMs accounted for 70% of 2024 total electric car exports from China, up from 55% in 2023. To sustain their export momentum, Chinese OEMs are investing in expanding shipping capacity through roll-on/roll-off (Ro-Ro) car carriers. In 2025, BYD commissioned the world’s largest Ro-Ro vessel, bringing its total shipping capacity to more than 30 000 electric cars. Meanwhile, a leading Chinese car shipping company, COSCO Shipping Car Carriers, announced plans to expand its fleet to handle up to 700 000 cars annually. Despite the 2024 export slowdown, this surge in shipping capacity positions Chinese OEMs for renewed growth, playing a crucial role in facilitating exports from China and emerging manufacturing hubs like Southeast Asia.

Tightening trade restrictions are pushing Chinese OEMs to expand their overseas manufacturing footprint

As Chinese electric car production continues to outpace domestic demand, Chinese OEMs are increasingly looking abroad to capture a larger share of the global electric car market. However, tariff changes across several regions are making it more difficult for Chinese-made electric cars to remain competitive in key destination markets. In 2024, multiple regions introduced new tariffs on Chinese electric car imports. This included the European Union, which imposed OEM-specific countervailing duties on Chinese battery electric car imports, aimed at offsetting alleged manufacturing subsidies received by OEMs in China. Meanwhile, the United States and Canada implemented new tariffs exceeding 100% in 2024, with further increases to tariffs on Chinese imports announced in 2025 in the United States, effectively deterring future Chinese electric car imports. Mexico and Brazil, both of which have recently experienced a surge in Chinese EV imports, have also approved tariff hikes. In 2024, Mexico ended its 15-20% tariff exemption on EV imports from countries without a free trade agreement, including China. Brazil reinstated 10% import tariffs on electric cars in 2024, with plans to gradually raise them every 6 months to reach 35% by the middle of 2026. 

These additional export costs are prompting Chinese OEMs to establish new overseas manufacturing capacities. The assembly plants being planned are intended to both directly supply local markets (like BYD’s plant in Brazil) and produce EVs for exports, thereby limiting exposure to tariff hikes targeting imports from China (such as from BYD’s plant in Türkiye for exports to the European Union).

Most of the overseas production capacity owned by Chinese OEMs today is in the European Union, primarily through Volvo Cars’ assembly plants, which produced more than 160 000 electric cars last year. By 2026, when including both EV-only assembly plants and dual EV/ICE assembly plants, overseas manufacturing capacity belonging to Chinese OEMs is expected to almost double to reach over 4.3 million vehicles per year. Europe and Southeast Asia are likely to remain the primary locations of these new electric car assembly plants, with almost half of the total Chinese overseas manufacturing capacity being located in Europe by 2026.  

Thanks to policies supporting EV manufacturing, access to raw materials, and a well-established automotive industry, Southeast Asia is poised to see the largest increase in Chinese OEMs’ overseas manufacturing capacity. Countries including Indonesia, Malaysia, Thailand and Viet Nam have all put in place policies either favouring domestic manufacturing over imports, or providing exemptions from import and income taxes for OEMs committing to produce domestically. As a result, the combined EV-only and dual EV/ICE manufacturing capacity of Chinese OEMs in Southeast Asia is set to increase almost threefold by 2026 to reach 1.2 million vehicles (more than one-quarter of the total overseas manufacturing capacity of Chinese OEMs). 

Available electric car models could number more than 1 000 by 2026

The number of available models for electric cars increased 15% year-on-year to reach nearly 785 in 2024. While today there are 50% fewer electric models than ICE and hybrid electric vehicle (HEV)2 models, this gap is narrowing and is expected to shrink to around 30% by 2027 based on announcements by OEMs.

While its EV sales share remained largely unchanged, Europe saw the fastest increase in model availability over the past year, with a jump from 290 models to more than 360. The growth seen in 2024 is expected to almost double by 2026: As stricter emissions standards come into force in the European Union, more than 140 additional models are due to enter the market. For example, Volkswagen and Stellantis have announced plans to introduce about 35 new electric models between them by 2026.

The share of larger cars and SUVs among EV models coming onto the market continues to expand. In 2024, 70% of available EV models were large (segments E to F) cars, SUVs or pick-ups, compared to 65% in 2023. Nevertheless, there are signs that this share is levelling out in some markets. In Europe, 23 additional small electric models (segments A and B) are expected to join the 33 small models currently on the market. The United States has the lowest number of small electric models available, and nearly 90% of models available today are large cars or SUVs.

China has the most EV models across all segments

The highest model availability for electric cars can be found in China, where nearly 60% of all models on offer are electric – 5 times more than the number of electric models available in the United States. The large car and SUV segments are the most profitable for OEMs, and many have therefore developed these models as a preference. As a result, the number of small and medium models available in China is only one-third of the number of large or SUV models.

Yet despite model availability being more limited than for large cars, the small car segment is nearly fully electrified in China, with more than 90% of sales in the segment being electric. There were 45 small electric car models available in 2024, compared to fewer than 10 small conventional cars. The decline in number of conventional small models started in 2014 and by 2017 electric and conventional models were on par with around 30 models each. The small electric Seagull from BYD was one of the best-selling cars of 2024 across all segments and the best-selling small car, with about 440 000 sales. Sales came in just slightly behind the best-selling model overall, the Tesla Model Y (an SUV), which reached 485 000 sales. The fast pace of electrification of the small segment can be attributed to their affordability (see EV affordability in China), in combination with a push for local manufacturing and measures to improve air quality in China’s provincial ‘tier 3’ cities.

In contrast, in Japan and Europe, the large car segment is the most electrified, and the small car segment the least. However, this does not necessarily reflect model availability: in Japan, the share of electric models on offer in the large car segment is about 50%, but only 6% of large car sales are electric. Similarly, in Europe, where more than 40% of all small and medium models available are electric, the electric sales share in these segments is just 20%. In the United States there are nearly 100 electric large or SUV models available, which is less than half of the number of ICE and HEV models available.

Growing model availability supports EV adoption, but price appears to be the key determinant of EV penetration within small and medium size segments. People purchasing small and medium cars are likely to be more price sensitive than buyers of larger models, making price parity particularly important for electrifying these segments. In Germany, less than 5% of small BEVs sold were cheaper than their ICE equivalent, as described in the section on EV affordability in Europe. 

In major markets, battery electric models now represent around two-thirds of all electric car models

There are now more BEV models available than PHEV models. Over time, the share of BEV models among total electric car models in China, Europe and the United States has converged to reach a ratio of about two BEVs for every PHEV. While BEVs were the focus for OEMs in the early years (2014 and earlier), their share among electric car models then dropped in Europe, Japan and the United States, before beginning to increase again around 2020 in the United States and Europe. In Japan, the split remains at 50:50, while the average globally is more than three BEV models for every two PHEVs. Within the PHEV segment, the number of extended-range electric vehicle (EREV) models has grown in recent years, increasing by 40% from 31 models in 2023 to 43 models in 2024.

OEMs adopt different strategies for electric model announcements in different regions

The number of electric models on the Chinese market today is already greater than the number of ICE and hybrid models. Based on announcements, and assuming the level of ICE and hybrid models remains constant, by 2030 there will be two electric models available for every conventional car model. Domestic OEMs such as BYD and Geely already offer twice as many electric models than conventional models. This is in contrast to the offering from OEMs headquartered elsewhere in the world, which have slightly fewer electric than ICE models available in China. However, this balance is likely to shift in favour of electric by 2030, with around 80 additional electric models announced. OEMs headquartered in Europe (such as Volkswagen, BMW and Mercedes) offer the most electric models after Chinese OEMs.

Based on electric car model announcements, the gap between the number of conventional and electric models shrinks the most to 2030 in the European market. Chinese OEMs in this market already offer more electric models than conventional models, but European OEMs are now closing the gap by increasing their electric offerings by 50% by 2030, which is more than OEMs headquartered in other regions. About 40% of these new EV models are small or medium cars. Volkswagen and Stellantis, both of which have a greater focus on these vehicle segments than other European OEMs, are behind more than half of all announcements for small or medium models in the European market, as they are urged to release affordable models to meet their fleet-wide CO₂ target in the short term.

In the North American market, larger cars are the focus for many OEMs. Of the 110 electric car models available today, only 2 are small (the Mini Cooper BEV and Fiat 500 BEV), with sales totalling 3 000 in 2024 – less than 1% of all electric car sales. However, about 15% of the electric models due to enter the market in the next few years are medium sized, compared to 9% of available models today. Despite an increase of about 145 electric models by 2030, which will more than double the model availability for electric cars in the region, the number of conventional models will remain 70% higher. 

The sales-weighted average range (hereafter, “average range”) of battery electric cars globally remained the same in 2024, at about 340 km under on-road conditions. The average range was significantly lower for small cars, at just above 150 km, while medium and large cars, as well as SUVs, all maintained ranges above 350 km. As market competition intensifies, the fact that average range has stabilised in the past year could indicate that carmakers have found an optimal balance between range performance and vehicle manufacturing costs. This levelling-off of driving range also offers energy and environmental benefits, as longer ranges also require larger batteries, which increase vehicle energy consumption and demand for critical minerals.

In the United States and Europe, the average electric range increased by less than 5%, primarily driven by the growing interest in electric SUVs, which continued to dominate the EV market – exceeding 75% of sales in the United States and reaching around 60% in Europe. Across Europe, the average range of a battery SUV car reached almost 400 km under on-road conditions. Nevertheless, this falls short of the 500 km that respondents to a recent survey stated as their range preference. Meanwhile, in China, the average range remained stable as EV producers prioritised cost-cutting in the face of strong domestic competition. 

Plug-in hybrid electric vehicles are growing in popularity in China

Consumers purchasing large cars and SUVs in China are increasingly opting to buy plug-in hybrid electric vehicles (PHEVs) as a more flexible option. The key appeal of PHEVs lies in their ability to handle long trips even when charging infrastructure is insufficient or congested. PHEV electric range in China grew by over 20% between 2020 and 2024, reaching almost 100 km. In contrast, electric ranges stalled in Europe and the United States at about 65 km. The environmental benefit of PHEVs largely depends on charging behaviour, which can lead to real-world tailpipe CO₂ emissions that are significantly higher than type-approval values. 

Extended-range electric vehicles (EREVs) have gained ground in recent years, almost entirely as a result of growing adoption in China. Uptake has been primarily in larger and heavier high-end vehicle segments. In 2024, EREV models accounted for nearly 25% of electric SUV sales in China, and they dominated the larger end of the electric SUV segment, making up 60% of large electric SUV sales (over 4.8 metres in length). More than 70% of the 40 EREV models available today belong to the SUV category (including multi-purpose vehicles and pick-up trucks), while the rest is mostly part of the large car segment category. In total, 14 additional EREV models are expected to be released by the end of 2025. Similarly, the four announced EREV models due for launch outside of China by 2026 (by Scout and RAM in the United States and Changan in Europe), in addition to the two already available today (Mazda and Leapmotor in Europe), are all positioned within the large pick-up truck and SUV segments.