Global EV sales up 13% in June, down 7% in Europe: Rho Motion

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

China accounted for more than 60% of the total, as rising availability of electric vehicles (EVs) 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 said.

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

In Europe, monthly sales were down 7% to 0.30-million, with Finland, Ireland and the Netherlands leading losses, while Italy recorded a 34% increase after the introduction of government incentives.

In the US and Canada, PHEV sales were up 6% to 0.14-million in the same month.

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

“The overall picture is 2024 is not going to see the ambitious growth some may have hoped for the industry and we have lowered our forecasts by 5% to 16.6-million electric cars sold this year.

“Regional disparities are quite remarkable”, he said.

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 or opt for hybrid alternatives.

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