China sold over one million EVs in August 2024, breaking the previous record set in December 2023 by 70,000 vehicles, revealed research-house, Rho Motion.
The European market is now down 4% so far this year compared to the same period last year, the first-time sales growth has turned negative in the region.
Despite this, 9.8 million EVs have been sold globally so far this year, growing by 20% Year To Date (YTD) with 1.5 million sold in August 2024.
Rho Motion Data Manager, Charles Lester, commented: “China surpassing one million EV sales in a month is just the beginning. We anticipate this milestone to be reached multiple times before the end of the year as sales typically surge in the latter half of the year. Meanwhile, continued subsidy cuts and trade barriers in Europe are having a negative impact on sales which have shrunk for the first time for any region. The US & Canada are enjoying healthy sales growth rate with the outcome of the Presidential election set to have a major impact later this year.”
Just Over 180,000 EVs were sold in EU & EFTA & UK in August 2024, reaching a total of 1.9 million units sold for the year. Both PHEVs and BEVs are down year-on-year, by 3% and 5%, respectively. Despite weaker sales in Europe, the UK has shown positive growth of 12% YTD, ahead of seasonally high sales expected in September due to new registration plates. Other markets including Belgium, France, and Portugal also have positive YTD sales. The German market is down 23% as a result of subsides eliminated last year, however, on 4 September 2024 the German Government agreed to a proposal for tax reduction for companies to help boost sales. Rho Motion expects the EU & EFTA & UK market to remain flat in year-on-year in 2024.
EV sales in China are now 33% higher this year (January 2024 – August 2024) compared to the same period last year, after it sold over one million units in August 2024 alone. The Battery Electric Vehicle (BEV) market has grown by 13% but PHEV sales had another record month and has grown by 74% YTD. Plug-in Hybrid Electric Vehicles (PHEV) represent 42% of EV sales so far this year growing from 32% during the same period in 2023. Following the recent EV tariffs released by the EU, there has been increased interest from Chinese car manufacturers looking to build out EV battery production within Europe with some countries actively seducing the investment. Rho Motion forecasts 2024 EV sales will grow by one-third year-on-year in 2024.
The US & Canada market continues to grow at a steady pace of 9% YTD. Several manufacturers set sales records for their EVs, including Hyundai’s Ioniq 5 and Tucson PHEV, Kia set record sales of its EV9 as it continues to ramp up production which started a few months ago. Honda had record sales of over 5,000 units of its Prologue EV produced at General Motor’s factory in Mexico. Volvo also started sales of the EX90 SUV with 95 units sold.
“The EV market in the US has greatly benefitted from the IRA, the country enjoyed very healthy sales growth in 2023 and remains ahead of Europe for growth this year. November’s presidential election could be the singular defining moment for the continued success of the industry. Our scenario analysis reveals the criticality of the election – either on the brink of near unstoppable electrification of the auto industry, or a significant slowdown that leaves it lagging dangerously behind. This all depends on what happens in ballot boxes across the country in less than two months,” Rho Motion’s Automotive Lead, Will Roberts, is due to disclose at the US Election 2024 webinar.
