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Europe is aiming to overtake China's leading position as the global electric car maker

Europe is aiming to overtake China's leading position as the global electric car maker

New registrations of electric vehicles in Europe took the lead in 2020, when 1.4 million of them were registered. It's more than double compared to registrations in 2019. Last year, nearly 1.2 million electric cars were registered in China and less than 300,000 in the United States. Fully electric or plug-in hybrid cars thus reached a record year, while the global conventional car market failed due to the Covid-19 pandemic in 2020, Alpho summarizes in its report.


The largest fleet of vehicles with electric motors can still be found in China, where there are around 4.5 million of them. In Europe there are around 3.2 million electric cars, while there are roughly 1.7 million of them in the United States.


The share of electric vehicles in new registrations in Europe soared up to ten percent, compared to 3.2 percent reported a year earlier. Chinese registrations increased by about 13 percent. However, a decrease of about nine percent was reported in the US. The number of new registrations of electric cars in the USA has been declining continuously since 2018, when, on the contrary, there was a year-on-year growth of more than 80 percent.


Past year was quite contradictory for car manufacturers. Global sales of conventional combustion vehicles fell by 16 percent as a result of the Covid-19 pandemic, although second half of last year saw a recovery after massive declines, especially in the second quarter.


In contrast, number of electric vehicles manufactured last year exceeded 10 million for the first time and increased by 43 percent year-on-year. Electric cars currently account for one percent of the global number of vehicles. According to data from the International Energy Agency (IEA), about two-thirds of the number is purely electric vehicles, the remaining third are plug-in hybrids.


It is obvious that electromobility is an inevitable trend in passenger transport and the largest economic powers are betting on it. Data from 2021 will indicate whether Europe confirms its break to become electric mobility superpower.


Lưu Đỗ Hoàng Anh, AlphoFinancial Analyst


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