Global Electric Vehicle Sales Experience Significant Growth in July
Global sales of fully electric and plug-in hybrid vehicles increased by 21% in July, driven by the strongest growth in China this year, despite declining demand in Europe, according to market research firm Rho Motion.
In the European Union, MG Motor, owned by Chinese company SAIC Motor Corp, is expected to be the hardest hit by the provisional tariffs imposed on electric vehicles imported from China, as stated by Charles Lester, head of the data department at Rho Motion.
Impact of Tariffs on Automakers
The tariffs are anticipated to have a lesser impact on Tesla, which can produce vehicles at its Berlin factory, and on the Chinese giant BYD, which still has a modest presence in Europe, Lester noted. Data shows that a total of 1.35 million fully electric and plug-in hybrid vehicles were sold worldwide in July, including 0.88 million in China, where sales increased by 31% compared to the previous year.
BYD, the largest electric vehicle manufacturer in China and the world, reported sales growth of 13% and 44% globally during the same period. In Europe, however, monthly sales fell by 7.8% in July, with year-to-date figures remaining consistent with those from 2023. Over the seven months leading up to July, sales declined by 12% in Germany, the largest electric vehicle market in the EU.
Growth in North America
In the United States and Canada, electric vehicle sales rose by 7.1% in July. Lester added that range-extender vehicles, which are battery-powered hybrids recharged via an onboard generator, are also selling well.
In July, the European Union imposed provisional tariffs on imports of electric cars manufactured in China. BYD faces a tariff of 17.4%, Geely 19.9%, and SAIC 37.6%, according to the EU.
