Key Highlights:
- Global EV sales rose 21% in July, totaling 1.35 million units.
- China led the market with 0.88 million EVs sold, a 31% increase.
- BYD recorded a 44% rise in BEV sales and 13% in PHEV sales globally.
- European EV sales fell by 7.8%, with Germany seeing a 12% decline.
In July 2024, global electric vehicle (EV) sales saw a significant increase of 21%, reaching 1.35 million units sold worldwide. This growth is majorly accounted to China’s market, which recorded an impressive 31% year-over-year increase.
China Leads Global EV Market
China emerged as the leader in the global EV market, accounting for 0.88 million of the total EVs that were sold in July. The surge in sales directly reflects the country’s growing demand for fully electric (BEV) and plug-in hybrid vehicles (PHEV).
BYD, the world’s largest EV manufacturer based in China, reported very strong global sales. The company saw a 44% increase in BEV sales and a 13% rise in PHEV sales in July. The robust performance of BYD’s plug-in hybrids significantly contributed to the overall growth in the EV market.
Challenges in the European Market
Despite the global growth, Europe experienced a decline in EV sales. Monthly sales in Europe fell by 7.8% in July compared to the same period in 2023. Germany, the largest EV market in the EU, recorded a 12% drop in sales during the first seven months of the year.
Also Read: MG Motor Reports 8% Decline in YoY Sales
North American Market Trends
In contrast to Europe, EV sales in the United States and Canada they were increased by 7.1% in July, indicating steady growth in the North American market.
Impact of EU Tariffs on Chinese EV Imports
The European Union imposed provisional tariffs on Chinese-made EV imports in July. These tariffs are expected to impact companies like MG Motor, a subsidiary of China’s SAIC Motor Corp, more severely. However, BYD and Tesla, with their manufacturing capabilities in Europe, are likely to be less affected.
