The number of plugin vehicle registrations which were made all around the world in the month of October were up by around 55% when compared to the same month in 2021 as it reached as many as 932,000 units. As a result, this is the second best ever. This was just behind the number of registrations made in the previous month. With a month that strong, the plugins had represented 16% of the overall market. The Battery electric vehicles which are also called the fully electric vehicles have now reached 11% share in the market. This is a number which could have been higher than this had the market not been in the recovery mode. This in addition to the fact that the HEVs also posted their highest rate of growth is a confirmation again that the ICE markets and HEVs are correlated to each other.
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Growth rate of BEV in the month of October year on year was around 54% and was slightly smaller than the plugin hybrids but if China was excluded from this tally, it can be determined that the PHEVs were up only by 5%. Still this can be the best time since February that the market has gone up without any intervention from China. Many markets in Europe, most notably Germany are going to end their incentives by the end of the year on the PHEVs and therefore, it’s sales are considerably increasing. A further rush is expected in the markets all over the world to buy the PHEVs with the subsidies. The growth in the Fully electric vehicles is a positive sign too while the dominance of China remains unparalleled in the market and will continue to do so as there are many encouraging steps been taken by their government and that is going to help the market grow continuously.