Global EV Boom Continues As China Outpaces Europe, US

by

China's electric vehicle market grew by 31% over the past year while sales were down across the EU and U.K., data shows.

What Happened: EV researcher Rho Motion revealed that 1.4 million EVs were sold globally in July, bringing the year-to-date sales figure up to 8.4 million.

Regional disparities continue to grow while EU and UK sales fell year-on-year by 8% compared to data sourced last July.

Here's a breakdown of the findings:

  • Globally, the market continues to show strong growth, up 21% compared to the same period (January-July) in 2023.
  • Battery Electric Vehicles (BEVs) represent 65% of sales in 2024 so far.
  • Plug-in hybrids (PHEVs) represent 35% of sales (PHEV market share grew by 5% points compared to the same period in 2023)
  • France's EV market grew by 6% during the first half of the year
  • Germany EV sales were weaker, likely due to the subsidy ending last year.
  • The EU, UK saw sales fall 28% between June and July likely due to tariffs
  • In the US and Canada, EV sales have grown by 10% year-to-date between January and July compared to the same timeframe in 2023.
Why It Matters: Rho Motion lead EV data analyst Charles Lester called the sector "a mixed bag" in 2024, noting that sales continue "to flourish" in China, North America and early-stage EV markets.

Notably, last month, the European Commission, responsible for the EU's trade policy, imposed provisional tariffs of up to 37.6% on electric vehicles imported from China and has sought input from EU member states in a consultative vote.

The report states that the tariffs will have a lesser impact on Tesla, Inc. (NASDAQ: TSLA), which manufactures in Berlin, and Chinese EV giant BYD Co., Ltd. (OTC: BYDDF), whose European presence is limited.

Earlier this month, pure EV sales of BYD fell to 130,000 units in July, marking a nearly 4% dip from the corresponding month of last year and raising concerns about dwindling EV demand.