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A new market report by research firm, Rho Motion, shows that global EV sales surged by 21% in July 2024.
First published by Reuters, the Rho Motion EV report shows that China is leading as it recorded its most significant growth of the year. In July alone, half of all cars sold in China were either EV or plug-in hybrid models.
Per Reuters, worldwide sales of fully electric and plug-in hybrid vehicles in July hit 1.35 million units, with China accounting for about 0.88 million of these sales. The Chinese market experienced a 31% year-on-year increase, demonstrating the country’s continued dominance in the EV sector.
China’s performance was evident in the plug-in hybrid electric vehicle (PHEV) segment as sales in the first seven months of 2024 surged by 70% compared to the previous year. In North America, EV market showed moderate growth, with sales in the United States and Canada increasing by 7.1% in July
The largest EV manufacturer, BYD, reported substantial increases in both battery electric vehicle (BEV) and PHEV sales. The company saw a 13% rise in global BEV sales and a 44% jump in PHEV sales in the past seven months.
Charles Lester, data manager at Rho Motion, told Reuters that BYD’s record-breaking PHEV sales were a key factor in the overall market growth.
EV Demand Slows in Europe
While China’s EV market flourished in the first half of 2024, the European EV market went the other way. July saw a 7.8% decrease in monthly EV sales across the continent. Germany, the EU’s largest EV market, recorded a 12% drop in sales for the first seven months of the year. In the UK, the Society for Motor Manufacturers and Traders (SMMT) recently lowered its projection for electric vehicles (EVs) sales in the UK for 2024, now predicting they will represent 18.5%, down from the earlier estimate of 19.8%.
