Global EV sales up in July as regional divide grows

Global sales of electric vehicles are showing robust growth, but the performance across different markets is widely varying. In July, new data from Rho Motion indicates that a total of 1.4 million EVs were sold globally. This figure represents a 5% decline from June but reflects a substantial 21% increase compared to the previous year.

The cumulative year-to-date sales figure now stands at 8.4 million units. Among these sales, Battery electric vehicles (BEVs) constitute 65% while plug-in hybrids (PHEVs) make up the remaining 35%. Notably, the market share of PHEVs has seen a growth of 5 percentage points compared to the same period in 2023 where these vehicles accounted for nearly one-third of total EV sales.

Despite the overall positive trend, regional disparities in EV sales continue to widen. In July, EV sales in the EU/EFTA/UK region declined by 8% year on year, while China experienced a robust 31% growth. Additionally, the USA/Canada market saw a 7% increase, and the rest of the world recorded a significant 41% rise in sales.

Looking at the performance over the first seven months of the year, China exhibited a 31% surge in EV sales, while the EU/EFTA/UK market remained stable. The USA/Canada region also witnessed a 10% rise, with the rest of the world showing a substantial 31% increase in sales.

Charles Lester, the lead EV data analyst at Rho Motion, commented on the current state of the market, stating, “The EV market has been a mixed bag this year. While global sales remain strong, certain regions like China, North America, and emerging EV markets are thriving. However, sales in the EU, particularly in Germany, are slowing down. The impact of EU tariffs on Chinese EVs is expected to further affect this trend.”

“Despite the challenges faced in the region, France and the UK have managed to grow their domestic markets. These trends are likely to continue throughout the year unless significant interventions are implemented,” Lester added.

Rho Motion attributed the decline in EV sales in Europe to the weaker results seen in Germany following the expiration of subsidies last year. However, there has been growth in the UK and France markets, with France experiencing a 6% increase so far this year.

In the US and Canada, EV sales have shown a positive trend, with a 10% year-to-date increase from January to July 2024 compared to the same period in 2023. General Motors’ production of the Blazer EV and Equinox has been steadily increasing, with over 10,000 units manufactured collectively in July 2024. Additionally, Honda’s production of over 5,000 units of the Honda Prologue EV in the same month has contributed to the growth in the region.

Although China has seen a remarkable 31% growth in EV sales this year, the majority of this increase can be attributed to the rise in PHEV sales. PHEV sales have surged by 70% year-to-date, while BEVs have shown a 12% increase. July 2024 witnessed record-high PHEV sales in China, totaling 0.4 million units. This growth can be attributed to the expanding range of models available, including range extender EVs (REEVs), and the continuous efforts of companies like BYD to boost PHEV production and sales.