Global Electric Vehicle Sales Surge by 21% in July with China Leading the Way
- tech360.tv
- Aug 14, 2024
- 2 min read
Global electric vehicle sales surged by 21% in July, driven by strong growth in China. European EV sales declined by 7.8% in July, while the US and Canada saw a 7.1% increase. BYD reported significant increases in both global BEV and PHEV sales.
This growth was primarily attributed to China, which saw its strongest expansion this year, offsetting a decline in demand across Europe.
In the European Union, MG Motor, a subsidiary of China's SAIC Motor Corp, is anticipated to bear the brunt of provisional tariffs on electric vehicles imported from China, as highlighted by Charles Lester, Rho Motion's data manager in comments to Reuters.
Notably, the impact of these tariffs is expected to be less severe for Tesla, with its manufacturing capabilities in Berlin, and for Chinese electric vehicle giant BYD, which has a relatively limited presence in Europe, Lester explained.
Global sales of electric vehicles, including fully electric (BEV) and plug-in hybrids (PHEV), reached 1.35 million units in July. China accounted for 0.88 million of these sales, marking a 31% year-on-year increase.
PHEV sales in China during the first seven months of 2024 surged by an impressive 70% compared to the previous year. BYD, the largest EV manufacturer in China and globally, reported a 13% rise in global BEV sales and a 44% increase in PHEV sales during the same period.
In contrast, European monthly EV sales dipped by 7.8% in July, aligning with year-to-date figures from 2023. Germany, the largest EV market in the EU, experienced a 12% decline in sales over the first seven months of the year.
On the other side of the Atlantic, the United States and Canada saw a 7.1% increase in EV sales in July.
Charles Lester noted, "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." Additionally, Lester highlighted the growing popularity of range extender vehicles, battery-powered hybrid cars that recharge using an on-board generator.
In July, the European Union implemented provisional tariffs on electric cars imported from China. Notably, BYD faces duties of 17.4%, Geely 19.9%, and SAIC 37.6%, as announced by the EU.
Global electric vehicle sales surged by 21% in July, driven by strong growth in China.
European EV sales declined by 7.8% in July, while the US and Canada saw a 7.1% increase.
BYD reported significant increases in both global BEV and PHEV sales.
Source: REUTERS
