Global EV Sales Surge 21% in July, Led by China

Mark Eisenberg
Photo: Finoracle.net

Surge in Global EV Sales Driven by China's Growth

Global sales of electric vehicles (EVs), including both fully electric and plug-in hybrid variants, experienced a remarkable 21% year-on-year rise in July. This growth was largely propelled by significant advancements in China, despite a noticeable decline in demand across Europe, according to market research firm Rho Motion.

China's Dominance in EV Market

In July, EV sales worldwide reached 1.35 million units, with China alone accounting for 0.88 million of these, marking a 31% increase from the previous year. This surge is a testament to China's robust growth in the EV sector, where plug-in hybrid electric vehicles (PHEVs) saw a staggering 70% increase in sales during the first seven months of 2024 compared to the previous year.

Impact of European Tariffs on Chinese EVs

European markets present a mixed scenario. MG Motor, a subsidiary of China's SAIC Motor Corp, is expected to be significantly affected by the European Union's provisional tariffs on EVs imported from China. However, companies like Tesla, with production capabilities in its Berlin factory, and BYD, which has a relatively modest presence in Europe, might feel less impact.

Performance of Leading EV Manufacturers

BYD, recognized as both China’s and the world’s largest EV manufacturer, reported impressive gains in its global sales, with BEV sales increasing by 13% and PHEV sales by 44%. The company continues to lead in plug-in hybrid sales, contributing significantly to its record-breaking performance.

Challenges in the European EV Market

Europe's EV market faced challenges, with sales decreasing by 7.8% in July. Year-to-date figures align closely with 2023, but specific countries like Germany, the EU's largest EV market, saw a 12% drop over the first seven months of the year.

In contrast, the United States and Canada reported a 7.1% increase in EV sales in July. This growth indicates a gradual but steady rise in adoption across North America.

Understanding Range Extender Vehicles

Range extender vehicles, which are battery-powered hybrids charged by an on-board generator, are gaining popularity. These vehicles offer a practical solution for consumers seeking the versatility of hybrid technology combined with extended travel ranges.

European Tariff Details

The European Union's provisional tariffs, imposed in July, include duties of 17.4% on BYD, 19.9% on Geely, and 37.6% on SAIC imports from China. These tariffs are part of the EU's strategy to regulate the influx of Chinese-made EVs and promote local industry.

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Mark Eisenberg is a financial analyst and writer with over 15 years of experience in the finance industry. A graduate of the Wharton School of the University of Pennsylvania, Mark specializes in investment strategies, market analysis, and personal finance. His work has been featured in prominent publications like The Wall Street Journal, Bloomberg, and Forbes. Mark’s articles are known for their in-depth research, clear presentation, and actionable insights, making them highly valuable to readers seeking reliable financial advice. He stays updated on the latest trends and developments in the financial sector, regularly attending industry conferences and seminars. With a reputation for expertise, authoritativeness, and trustworthiness, Mark Eisenberg continues to contribute high-quality content that helps individuals and businesses make informed financial decisions.​⬤