Rho Motion, the leading research-house looking at the electric vehicle market, revealed that 1.4M EVs were sold globally in July, bringing the year-to-date sales figure up to 8.4 million.
Regional disparities continue to grow as EU & EFTA & UK sales fall year on year by 8% compared to July 2023 and China’s market grew by 31%.
Globally, the market continues to show strong growth, up 21% compared to the same period (Jan-Jul) in 2023. Battery Electric Vehicles (BEVs) represent 65% and Plug-in hybrids (PHEVs) represent 35% of sales in 2024 so far. The market share of PHEVs has grown by 5 percentage points compared to the same period in 2023 where PHEVs represented almost a third of total EV sales.
Charles Lester, Lead EV Data Analyst at Rho Motion, said: “The EV market has definitely been a mixed bag so far this year. Globally sales have been strong and are continuing to flourish in China, N. America and fledgeling EV markets. However, EU’s sales are stalling, especially in Germany and EU tariffs on Chinese EVs are likely to impact this even further. Despite the region’s woes, France and the UK are weathering the storm and have grown their domestic markets. We would expect to see these trends play out over the rest of the year unless drastic measures are put into place.”
| January – July 2024 vs January – July 2023 | July 2023 v July 2024 |
| – Global: 8.4 million in Jan-Jul 2024, +21% y-o-y – China: 5.0 million, +31% – EU & EFTA & UK: 1.7 million, 0% – USA & Canada: 1.0 million, +10% – Rest of World: 0.7 million, +31% | – Global: +21% – China: +31% – EU & EFTA & UK: -8% – USA & Canada: +7% – Rest of World: +41% |
Despite weaker sales in the EU & EFTA & UK in July 2024, falling by 28% compared to June 2024, the Year-To-Date (YTD) figure is flat with no growth in EV sales figures compared to 2023. A key driver to the reduction in EV sales in Europe this year is weaker Germany EV sales following the end of the subsidy last year. However, EV sales have grown in the UK and France so far this year with France’s market growing by 6%.
In the US & Canada, EV sales have grown by 10% YTD January – July 2024 compared to the same period in 2023. General Motor’s production of the Blazer EV and Equinox continues to ramp up, with over 10,000 units produced combined in July 2024 – over 5,000 units of the Honda Prologue EV were also produced.
In China, EV sales have grown by 31% so far this year. However, most of this increase has come from growth in PHEV sales. PHEVs have grown by 70% YTD and BEVs by 12%. There were record-high PHEV sales in July 2024 in China, with 0.4 million units. This growth is due to both a rising number of models available from manufacturers including Range Extender EVs (REEVs) as well as companies like BYD continuing to increase PHEV production and sales.
