Global electric vehicle sales up 13% in June, decline 7% in Europe

Global sales of fully electric and plug-in hybrid vehicles rose by 13 per cent in June versus the same month in 2023 driven by growth in China, while they dropped in Europe, market research firm Rho Motion said.
 

China accounted for over 60 per cent of the total, as rising availability of electric vehicles and strong sales by BYD contributed to an increase in the domestic market share of PHEVs in the first half of the year, Rho Motion data manager Charles Lester told Reuters.
 

By the numbers
 

PHEV sales worldwide reached 1.4 million in July, of which 0.86 million were in China, where they were up 25 per cent year-on-year, Lester said.
 

In Europe, monthly sales were down 7 per cent to 0.30 million, with Finland, Ireland, and the Netherlands leading losses, while Italy recorded a 34 per cent increase following the introduction of government incentives, he added.
 

In the United States and Canada, PHEV sales were up 6 per cent to 0.14 million in the same month.
 

BYD sales surged in Brazil, contributing to more than tripled figures from June 2023, Lester added.
 

Key quotes
 

"The overall picture is that 2024 is not going to see the ambitious growth some may have hoped for the industry and we have lowered our forecasts by 5 per cent to 16.6 million electric cars sold this year", Lester said in a statement.
 

"Regional disparities are quite remarkable", he added.
 

Context
 

Sales demand for electric cars has cooled in recent months after rising dramatically for several years, as consumers wait for more affordable models to hit the market opt for hybrid alternatives.
 

The EU imposed last week tariffs of up to 37.6 per cent on imports of electric vehicles made in China, EU officials said, ratcheting up tensions with Beijing in Brussels' largest trade case yet.

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