Global EV Boom Continues As China Outpaces Europe, US

China's electric vehicle market grew by 31% over the past year while sales were down across the EU and U.K., data shows.

What Happened: EV researcher Rho Motion revealed that 1.4 million EVs were sold globally in July, bringing the year-to-date sales figure up to 8.4 million.

Regional disparities continue to grow while EU and UK sales fell year-on-year by 8% compared to data sourced last July.

Related: Tesla’s China Comeback: July Sales Surge 15% Year-On-Year Despite Overall NEV Market Dip

Here’s a breakdown of the findings:

• Globally, the market continues to show strong growth, up 21% compared to the same period (January-July) in 2023.
• Battery Electric Vehicles (BEVs) represent 65% of sales in 2024 so far.
• Plug-in hybrids (PHEVs) represent 35% of sales (PHEV market share grew by 5% points compared to the same period in 2023)
• France's EV market grew by 6% during the first half of the year
• Germany EV sales were weaker, likely due to the subsidy ending last year.
• The EU, UK saw sales fall 28% between June and July likely due to tariffs
• In the US and Canada, EV sales have grown by 10% year-to-date between January and July compared to the same timeframe in 2023.

Why It Matters: Rho Motion lead EV data analyst Charles Lester called the sector “a mixed bag” in 2024, noting that sales continue “to flourish” in China, North America and early-stage EV markets.

Notably, last month, the European Commission, responsible for the EU's trade policy, imposed provisional tariffs of up to 37.6% on electric vehicles imported from China and has sought input from EU member states in a consultative vote.

The report states that the tariffs will have a lesser impact on Tesla, Inc. TSLA, which manufactures in Berlin, and Chinese EV giant BYD Co., Ltd. BYDDF, whose European presence is limited.

Earlier this month, pure EV sales of BYD fell to 130,000 units in July, marking a nearly 4% dip from the corresponding month of last year and raising concerns about dwindling EV demand. 

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.