It's a battle of the rookies. In the US, consumer enthusiasm is soaring, with electric vehicle sales hitting a record of 344,000 units (close to Cox Automotive's forecast of 346,000), far surpassing Europe. Domestic automakers like Tesla (Cybertruck and upgraded Model 3) and General Motors (Chevrolet Equinox EV, Cadillac Lyriq) performed strongly, driving market growth. This reflects the significant increase in EV acceptance in the US market due to factors like improved product diversity, shifting consumer attitudes, and better infrastructure.

Europe presents a mixed picture. While overall sales are growing, the pace has slowed. Some countries performed exceptionally well, such as Belgium and Denmark, where September sales rose 30% year-over-year, while Hungary and the Netherlands saw growth exceeding 50%. However, Germany, the largest market, is dragging down the numbers, with EV registrations plunging 28.6% in September. The reasons are complex: Mercedes-Benz saw a 31% drop in Q3 sales due to competition from Chinese EVs, while Volkswagen is even considering factory closures due to weakening demand and cost concerns. On the bright side, BMW and Volvo performed well, and the Tesla Model Y is expected to be Europe's best-selling model in September. Policy-wise, European regulators are considering relaxing emissions regulations, while subsidy cuts and new tariffs have also impacted the market.