Global EV sales up 21% in July as China records biggest jump of 2024, Rho Motion says By Reuters

By Alessandro Parodi

(Reuters) – International gross sales of absolutely electrical and plug-in hybrid automobiles rose by a yearly 21% in July, due to China’s strongest development this yr and regardless of dropping demand in Europe, market analysis agency Rho Movement stated Monday.

Within the European Union MG Motor, owned by China’s SAIC Motor Corp, expects to be hit hardest by provisional tariffs imposed on EVs imported from China, Rho Movement information supervisor Charles Lester informed Reuters.

The influence of the tariffs must be smaller on Tesla (NASDAQ:), which might produce in its Berlin manufacturing unit, and Chinese language EV big BYD (SZ:), whose presence in Europe stays small, Lester stated.

BY THE NUMBERS

EVs – whether or not absolutely electrical (BEV) or plug-in hybrids (PHEV) – offered worldwide had been at 1.35 million in July, of which 0.88 million had been in China, the place they had been up 31% year-on-year, the info confirmed.

PHEVs offered in China within the first seven months of 2024 had been up 70% from final yr.

BYD, China’s and the world’s largest EV maker, reported in the identical interval will increase of 13% and 44% in its international BEV and PHEV gross sales, respectively.

In Europe, month-to-month gross sales had been down 7.8% in July, to year-to-date figures according to 2023. Within the seven months to July, they dropped by 12% in Germany, the EU’s largest EV market.

In the USA and Canada, EV gross sales had been up 7.1% in July.

KEY QUOTES

“BYD continued to have report gross sales of plug-in hybrids once more this month, which is a key contributor as they’ve a big quantity of automobiles that they promote”, Lester informed Reuters.

Vary extender automobiles, battery-powered hybrid vehicles that recharge with an on-board generator, are additionally promoting in giant numbers, Lester stated.

CONTEXT

The European Union imposed in July provisional tariffs on imports of electrical vehicles made in China. BYD faces duties of 17.4%, Geely 19.9% and SAIC 37.6%, the EU stated.