EV sales increase 21% globally: China records highest figures

Despite declining demand in Europe, global sales of fully electric and plug-in hybrid vehicles increased by 21% globally in July, according to market research firm Rho Motion.

The report further signals that the gain was mostly attributed to China, which has seen the greatest growth this year.

According to Rho Motion data manager Charles Lester, MG Motor, a subsidiary of China's SAIC Motor Corp, anticipates becoming the most negatively impacted company in the European Union by the temporary tariffs placed on EV imports from China.

Lester stated that BYD, a Chinese electric vehicle behemoth with a minimal footprint in Europe, and Tesla, which can build at its Berlin facility, should be less affected by the taxes.

According to the report, the number of EVs sold globally in July was 1.35 million among which 0.88 million were reported to be sold in China recording an increase of sales by 31% from the previous year. These vehicles can be completely electric (BEV) or plug-in hybrids (PHEV).

In the first half of 2024, PHEV sales in China increased by 70% over the previous year.

The largest EV manufacturer in the world, BYD, China, recorded gains in its global sales of PHEVs and BEVs over the same time of 13% and 44%, respectively.

In Europe, monthly sales decreased 7.8% in July compared to 2023 year-to-date data. Germany, the EU's largest EV market, had a 12% decline in sales in the seven months leading up to July.

EV sales increased 7.1% in July in both the US and Canada.

"BYD continued to have record sales of plug-in hybrids again this month, which is a key contributor as they have a large volume of vehicles that they sell", Lester said to Reuters.

Lester said that battery-powered hybrid cars with on-board generators for recharging, often known as range extender vehicles, are also selling well.

Provisional tariffs on Chinese-made electric vehicle imports were enforced by the European Union in July. As per the EU, BYD is responsible for 17.4%, Geely for 19.9%, and SAIC for 37.6%.