Rho Motion Reports Global EV Sales Surge 21% In July Drive By China’s Record Growth

As electric vehicles (EVs) are emerging in the automotive landscape, global EV sales experienced a massive boost in July 2024, rising 21% year-over-year to reach 1.35 million units sold.

According to a report by Rho Motion, the growth was primarily fueled by China’s performance that saw its strongest increase of the year despite a slowdown in European markets, where China accounted for 0.88 million of the total global EV sales in July. As a result, this marks a substantial 31% year-on-year increase.

Moreover, the Chinese market’s strength was particularly evident in the plug-in hybrid electric vehicle (PHEV) segment, with sales in the first seven months of 2024 surging by 70% compared to the previous year.

Notably, BYD reported strong growth in both battery electric vehicle (BEV) and PHEV sales. The company saw a 13% rise in global BEV sales and a 44% jump in PHEV sales over the past seven months.

Charles Lester, data manager at Rho Motion, expressed the findings stating, “Globally sales have been strong and are continuing to flourish in China, N. America and fledgeling EV markets.”

Aside from China’s growing performance, the North American market saw modest progress. The United States (U.S.) and Canada showed moderate growth, with EV sales increasing by 7.1% in July.

Europe’s Drop In EV Sales

While China’s EV market flourished, Europe experienced a contrasting trend. July witnessed a 7.8% decrease in monthly EV sales across the continent, with Germany, the EU’s largest EV market, recording a 12% drop in sales for the first seven months of the year.

This drop could continue as the European Union’s (EU) recent implementation of provisional tariffs up to 37.6% on Chinese EVs is expected to have varying impacts on different automakers, with MG Motor, owned by China’s SAIC Motor Corp, likely to be the most affected.

Read More: EU Goes Ahead With Tariffs Up To 37.6% on Chinese EVs

As the contrasting regional performances and the impact of regulatory measures highlight the complex dynamics shaping the future of electric mobility, China is leading the charge with other markets adapting to new challenges. Nonetheless, the transition to electric mobility in the global automotive landscape is further accelerated.

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