July Sees 21% Surge in Global EV and PHEV Sales, Europe Experiences Decline

Global EV and PHEV Sales Soar by 21% in July, Europe Experiences Decline

Global EV and PHEV Sales Jump 21% In July But Fall In Europe

Rebound in EV and PHEV Sales

After a slow start to the year, the electric vehicle (EV) sector has experienced a strong rebound. According to market research firm Rho Motion, global EV and plug-in hybrid electric vehicle (PHEV) sales increased by 21% in July compared to the same month last year.

Key Statistics

Approximately 1.4 million EVs and PHEVs were sold in July.
Demand for PHEVs soared by 70% compared to 2023.
Sales grew in the U.S., Canada, and China, but fell in Europe.

Global Sales Figures

Last month, a total of 1.4 million EVs and PHEVs were sold worldwide. China accounted for the majority of sales, with approximately 880,000 vehicles sold, representing a significant 31% increase compared to the previous year. Demand for PHEVs in China skyrocketed by 70% in July.

Sales Performance in Different Regions

In addition to China, the United States and Canada also experienced growth in EV sales, with a 7.1% increase in July. However, Europe saw a decline of 7.8% in sales, particularly in Germany, where sales dropped by 12% from January to July.

Expert Analysis

Charles Lester, data manager at Rho Motion, commented on the mixed performance of the EV market: “Globally, sales have been strong and continue to flourish in China, North America, and emerging EV markets. However, sales in the EU are stalling, especially in Germany, and EU tariffs on Chinese EVs are likely to further impact this. France and the UK, on the other hand, have managed to grow their domestic markets.”

BYD’s Success

One of the companies benefiting from the rebound in EV and PHEV sales is BYD. The company reported a 13% increase in sales for its battery-electric vehicles and a 44% increase for its PHEVs. Lester noted that BYD’s record sales of plug-in hybrids contributed significantly to its success.

Range-Extender Powertrains

Rho Motion also highlighted the strong sales of vehicles with range-extender powertrains, although specific figures were not provided.

Overall, the global EV and PHEV market is showing signs of recovery, with strong sales in China and North America. However, Europe’s decline in sales poses challenges for the region. It remains to be seen how these trends will unfold throughout the rest of the year.