Global EV sales up 21% in July despite European decline

Global sales of fully electric and plug-in hybrid vehicles surged by 21 per cent year-on-year in July, driven primarily by robust growth in China, according to market research firm Rho Motion.

Worldwide electric vehicles (EVs) sales reached 1.35 million units, with China accounting for 0.88 million, marking a 31 per cent increase from the previous year.

China’s plug-in hybrid sales in the first seven months of 2024 soared by 70 per cent. BYD, the world’s largest EV manufacturer, reported global sales increases of 13 per cent for fully electric vehicles (BEVs) and 44 per cent for plug-in hybrids (PHEVs) during the same period.

In contrast, Europe saw a 7.8 per cent decline in monthly EV sales in July, with year-to-date figures aligning with 2023 levels. Germany, the EU’s largest EV market, experienced a 12 per cent drop in sales over the first seven months of the year. In North America, EV sales rose by 7.1 per cent in July.

MG Motor, owned by China’s SAIC Motor Corp., expects to be most affected by provisional EU tariffs on Chinese EV imports.

Tesla and BYD are likely to face a smaller impact due to Tesla’s Berlin factory and BYD’s relatively modest presence in Europe, according to Rho Motion’s data manager, Charles Lester.

Attribution: Reuters

Subediting: M. S. Salama