Critical minerals sector boosted by news of global EV sales surge in September

Global electric vehicle (EV) sales hit record levels in September, providing a much-needed boost for the critical minerals sector—lithium and battery metals in particular, whose prices have struggled this year due to declining demand.

Energy data specialist Rho Motion has revealed that a record-breaking 1.7 million EVs were sold globally in September, surpassing by 150,000 units the previous record set in December 2023, while the Chinese market reached 1.1 million units sold.

Overall, 11.5 million EVs have been sold globally so far this year, representing a growth of 22% year to date.

‘New hope’

“This record-breaking month of EV sales brings new hope to the industry,” Rho Motion data manager Charles Lester said.

“While the electrification of transport seems inevitable, the recent slowdown of sales in many parts of the world has sown seeds of doubt that can now start to be swept aside.”

Mr Lester noted some “astonishing” regional disparities, with China alone accounting for well over half the global total, North America steadily growing but Europe’s numbers shrinking.

Europe’s struggles

Just over 300,000 EVs were sold across the European Union and UK in September 2024, taking the total to 2.2 million for the year.

While battery electric vehicle (BEV) sales increased 12% year-on-year by, plug-in hybrid electric vehicle sales fell by the same amount.

Rho Motion noted that the typical September bounce in UK vehicle sales 2024 saw them more than triple from the previous month.

The Norwegian market continues to have extremely high EV penetration rates but the market in terms of volumes is still down by 4% YTD, while the German market grew 7% year-on-year but YTD sales are down 20%.

Chinese record

After surpassing 1 million EV sales for the first time in August, September was another record month for China with sales increasing to 1.1 million.

Rho Motion found that Chinese EV manufacturers continue to grow their presence abroad with strong exports to other Asian countries and Latin America.

BEV exports from China to the EU will now face the tariffs set to come into force in November 2024 for five years.

Despite this, Rho Motion says many manufacturers will be able to absorb some of the costs and manufacturers are also looking to establish EV facilities within Europe.

North America steady

The US and Canada market continues to grow at a steady pace of 10% YTD.

GM sold almost 10,000 Chevrolet Equinox units in Q3 2024 and has produced over 40,000 in the first eight months of the year.

GM also started sales of the Sierra EV and Volvo began sales of the EX30.

Toyota has pushed back the start date of its US facility, after other manufacturers such as Ford and VinFast had done likewise earlier in the year.