Global sales of electric vehicles (EVs) surged by 21% in July 2024, with China leading the charge, according to data from market research firm Rho Motion. This growth comes despite a downturn in the European market.
China recorded its largest increase in EV sales this year, with 880,000 units sold in July aloneโa 31% year-on-year rise. This impressive growth in China significantly contributed to the global total of 1.35 million EVs sold during the month.
In contrast, Europe faced challenges, with EV sales dropping by 7.8% in July. Over the first seven months of 2024, Germany, the EU’s largest EV market, saw a 12% decline in sales.
Impact of Tariffs on the European Market
The European Union’s recent imposition of provisional tariffs on Chinese-made electric vehicles is expected to hit MG Motor, owned by Chinaโs SAIC Motor Corp, the hardest. According to Charles Lester, data manager at Rho Motion, “MG Motor is likely to feel the brunt of these tariffs, while Tesla and BYD will be less affected due to their production strategies and smaller market share in Europe.”
Tesla, which manufactures in Berlin, and Chinese EV giant BYD, which has a limited presence in Europe, are expected to face less impact from the tariffs. BYD, the world’s largest EV manufacturer, reported a 13% increase in global battery electric vehicle (BEV) sales and a 44% rise in plug-in hybrid electric vehicle (PHEV) sales for the same period.
North American market sees steady growth
In North America, EV sales showed steady growth, with a 7.1% increase in July across the United States and Canada. The ongoing popularity of plug-in hybrids played a significant role in this growth. “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 noted.
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