Strong growth in global EV sales reported, despite fall in Europe
August 19, 2024
It has been reported that around 1.4 million electric vehicles were sold globally in July, bringing the year-to-date sales figure up to 8.4 million. According to Rho Motion, a market analyst based in London, United Kingdom, regional disparities continued to grow however, with EU, EFTA and UK sales falling by 8% compared to July 2023, while China’s market grew by 31%.
The report stated that globally, the market continued to show strong growth, up 21% compared to the same period (Jan-Jul) in 2023. In 2024 so far, Battery Electric Vehicles (BEVs) represent 65% and Plug-in hybrids (PHEVs) represent 35% of sales. The market share of PHEVs has grown by five percentage points compared to the same period in 2023, where PHEVs represented almost a third of total EV sales.
“The EV market has definitely been a mixed bag so far this year. Globally sales have been strong and are continuing to flourish in China, North America and fledgeling EV markets. However, EU’s sales are stalling, especially in Germany and EU tariffs on Chinese EVs are likely to impact this even further. Despite the region’s woes, France and the UK are weathering the storm and have grown their domestic markets. We would expect to see these trends play out over the rest of the year unless drastic measures are put into place,” Charles Lester, Lead EV Data Analyst at Rho Motion, stated.
Electric vehicle sales in January – July 2024 compared to January – July 2023:
– Global: 8.4 million in Jan-Jul 2024, +21% year-over-year
– China: 5.0 million, +31%
– EU & EFTA & UK: 1.7 million, 0%
– USA & Canada: 1.0 million, +10%
– Rest of World: 0.7 million, +31%
Rho Motion stated that a key driver to the reduction in EV sales in Europe this year is weaker German EV sales following the end of the subsidy last year. However, EV sales have grown in the UK and France so far this year with France’s market growing by 6%.
In the US & Canada, EV sales have grown by 10% YTD, compared to the same period in 2023. General Motor’s production of the Blazer EV and Equinox continues to ramp up, with over 10,000 units produced combined in July 2024 – over 5,000 units of the Honda Prologue EV were also produced.
In China, EV sales have grown by 31% so far this year. However, most of this increase has come from growth in PHEV sales. PHEVs have grown by 70% YTD, and BEVs by 12%. There were record-high PHEV sales in July 2024 in China, with 0.4 million units. This growth is due to a rising number of models available from manufacturers, including Range Extender EVs and companies like BYD continuing to increase PHEV production and sales.
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