According to Reuters, on July 12th, market research firm Rho Motion reported that global sales of pure electric vehicles (EVs) and plug-in hybrid vehicles (PHEVs) in June increased by 13% compared to the same period in 2023. This growth was driven by rising sales in China, despite a decline in the European market.
Charles Lester, Rho Motion's data manager, revealed that thanks to an increase in EV supply and strong sales performance by BYD, the market share of EVs in China has grown in the first half of this year. Consequently, China's EV sales accounted for over 60% of the global total.
Lester stated that, in terms of numbers, global EV sales reached 1.4 million units in June, with China contributing 860,000 units, representing a 25% year-on-year increase.
In Europe, EV sales in June decreased by 7% year-on-year to 300,000 units, with the largest declines observed in Finland, Ireland, and the Netherlands. Conversely, Italy saw a 34% year-on-year increase in EV sales following the introduction of government incentives.
In the United States and Canada, EV sales in June rose by 6% year-on-year to 140,000 units. Lester added that BYD's sales in Brazil surged, growing more than threefold compared to June 2023.
In a statement, Lester said, "Overall, the EV industry will not see significant growth in 2024. We have already revised our EV sales forecast for this year down by 5% to 16.6 million units." He noted that regional sales disparities would be quite pronounced.
In recent months, demand for EVs has cooled after several years of substantial growth, as consumers await more affordable EV models and are turning to hybrid vehicles in the meantime.
EU officials stated that last week, the EU imposed additional tariffs of up to 37.6% on imported EVs produced in China, exacerbating trade tensions between China and the EU.
