Reuters

Global EV Sales up 13％ in June, down 7％ in Europe, Rho Motion Says

REUTERS/Chalinee Thirasupa/File Photo
EV cars are pictured inside BYD’s first electric vehicle (EV) factory in Southeast Asia, a fast-growing regional EV market where it has become the dominant player, in Rayong, Thailand, July 4, 2024.

By Alessandro Parodi

18:15 JST, July 12, 2024

July 12 (Reuters) – Global sales of fully electric and plug-in hybrid vehicles rose by 13% in June versus the same month in 2023 driven by growth in China, while they dropped in Europe, market research firm Rho Motion said.

China accounted for over 60% of the total, as rising availability of electric vehicles and strong sales by BYD 002594.SZ contributed to an increase in the domestic market share of PHEVs in the first half of the year, Rho Motion data manager Charles Lester told Reuters.

BY THE NUMBERS

PHEV sales worldwide reached 1.4 million in July, of which 0.86 million were in China, where they were up 25% year-on-year, Lester said.

In Europe, monthly sales were down 7% to 0.30 million, with Finland, Ireland, and the Netherlands leading losses, while Italy recorded a 34% increase following the introduction of government incentives, he added.

In the United States and Canada, PHEV sales were up 6% to 0.14 million in the same month.

BYD sales surged in Brazil, contributing to more than tripled figures from June 2023, Lester added.

KEY QUOTES

“The overall picture is that 2024 is not going to see the ambitious growth some may have hoped for the industry and we have lowered our forecasts by 5% to 16.6 million electric cars sold this year,” Lester said in a statement.

“Regional disparities are quite remarkable,” he added.

CONTEXT

Sales demand for electric cars has cooled in recent months after rising dramatically for several years, as consumers wait for more affordable models to hit the market opt for hybrid alternatives.

The EU imposed last week tariffs of up to 37.6% on imports of electric vehicles made in China, EU officials said, ratcheting up tensions with Beijing in Brussels’ largest trade case yet.