Sales of EVs and Plug-In Hybrid vehicles around the globe experienced a surge in June amid increased adoption of electric vehicles in multiple regions throughout the globe.
What Happened: EV sales jumped 24% year-on-year in June, with strong adoption in China as well as the European market, Reuters reported on Tuesday, citing data from market research firm Rho Motion.
However, EV sales were down 1% in the U.S. and would struggle to gain momentum this year due to President Donald Trump axing incentives aimed at EV adoption through the new spending bill, an expert cited in the report suggests.
The report also shows EV sales slowing down in Canada, marking the first time that North American sales were behind regions like Southeast Asia, as well as South and Central American countries.
Why It Matters: The news comes as the UK recently announced it was investing over $84 million towards improving charging infrastructure in the country, as well as working on a subsidy package worth more than $940 million to boost EV adoption.
However, in the U.S., Trump's budget cuts have posed a hurdle for EV sales as the government has officially axed the $7,500 EV credit in the country amid a push for ICE-powered vehicles.
The administration has also relaxed CAFE or Corporate Average Fuel Economy norms, which could pose a challenge for EV makers' revenue. Sluggish Tesla Inc. TSLA sales have also pushed Panasonic Holdings Corp PCRFF PCRHY to delay plans to ramp up EV battery production in the U.S.
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