Global EV sales up 21% in July as China records biggest jump of 2024, Rho Motion says

By Alessandro Parodi

(Reuters) – Global sales of fully electric and plug-in hybrid vehicles rose by a yearly 21% in July, thanks to China’s strongest growth this year and despite dropping demand in Europe, market research firm Rho Motion said Monday.

In the European Union MG Motor, owned by China’s SAIC Motor Corp, expects to be hit hardest by provisional tariffs imposed on EVs imported from China, Rho Motion data manager Charles Lester told Reuters.

The impact of the tariffs should be smaller on Tesla (NASDAQ:), which can produce in its Berlin factory, and Chinese EV giant BYD (SZ:), whose presence in Europe remains small, Lester said.

BY THE NUMBERS

EVs – whether fully electric (BEV) or plug-in hybrids (PHEVs) – sold worldwide were at 1.35 million in July, of which 0.88 million were in China, where they were up 31% year-on-year, the data showed.

PHEVs sold in China in the first seven months of 2024 were up 70% from last year.

BYD, China’s and the world’s biggest EV maker, reported in the same period increases of 13% and 44% in its global BEV and PHEV sales, respectively.

In Europe, monthly sales were down 7.8% in July, to year-to-date figures in line with 2023. In the seven months to July, they dropped by 12% in Germany, the EU’s biggest EV market.

In the United States and Canada, EV sales were up 7.1% in July.

KEY QUOTES

“BYD continued to have record sales of plug-in hybrids again this month, which is a key contributor as they have a large volume of vehicles that they sell”, Lester told Reuters.

Range extender vehicles, battery-powered hybrid cars that recharge with an on-board generator, are also selling in large numbers, Lester said.

CONTEXT

The European Union imposed in July provisional tariffs on imports of electric cars made in China. BYD faces duties of 17.4%, Geely 19.9% and SAIC 37.6%, the EU said.