Global EV Sales Rise 13% in June, Fall 7% in Europe

According to Rho Motion, global sales of fully electric and plug-in hybrid vehicles grew 13% in June compared to 2023, driven by China, while they fell in Europe

In the first half of the year, the domestic market share of PHEVs increased due to the strong sales of BYD and the increasing availability of electric vehicles, with China accounting for over 60% of the total, according to Rho Motion data manager Charles Lester, as reported by Reuters.

Lester reported that PHEV sales worldwide totaled 1.4 million in July, with 0.86 million units sold in China, representing a 25% year-over-year increase.

He further stated that monthly sales in Europe decreased by 7% to 0.30 million, with Finland, Ireland, and the Netherlands experiencing the most significant declines. However, Italy experienced a 34% increase in sales due to the implementation of government incentives.

PHEV sales increased by 6% to 0.14 million in the United States and Canada during the same month.

Lester added that the figures from June 2023 more than tripled due to the BYD sales surge in Brazil.

“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”, according to a statement issued by Lester.

“The regional disparities are quite remarkable,” he continued.

The demand for electric cars has significantly decreased in recent months, following a significant increase for several years.

This is because consumers are waiting for more affordable models to be released and instead choose hybrid alternatives.

According to EU officials, the EU implemented tariffs of up to 37.6% on imports of electric vehicles manufactured in China last week, escalating tensions with Beijing in Brussels’ most significant trade dispute.