Global EV sales up 21% in July, says market research firm

Global sales of fully electric and plug-in hybrid vehicles rose by a yearly 21% in July, thanks to China's strongest growth this year and despite dropping demand in Europe, market research firm Rho Motion said Monday, August 12, Reuters reports. ALSO READ: Rwanda extends import tax exemption for electric vehicles As reported, plug-in hybrids (PHEVs) sold in China in the first seven months of 2024 were up 70% from last year. BYD, China's and the world's biggest EV maker, reported in the same period increases of 13% and 44% in its global BEV and PHEV sales, respectively. Rwanda has renewed a zero-rated import duty on electric and hybrid vehicles, extending the tax exemption until the end of the new fiscal year 2024/25, a decision designed to accelerate the transition to electric cars and motorcycles and to reduce greenhouse gas emissions. The government first initiated a zero-rated import duty on electric vehicles (EVs) in April 2021. ALSO READ: Total adoption of electric vehicles to cost $900 million Rho Motion data manager Charles Lester told Reuters that in 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. ALSO READ: Rwanda unveils new incentives to drive electric vehicle uptake The impact of the tariffs should be smaller on Tesla, which can produce in its Berlin factory, and Chinese EV giant BYD, whose presence in Europe remains small, Lester said. As noted, EVs - whether fully electric (BEV) or plug-in hybrids (PHEVs) - sold worldwide were at 1.35 million in July, of which 0.88 million were in China, where they were up 31% year-on-year, the data showed. In Europe, monthly sales were down 7.8% in July, to year-to-date figures in line with 2023. In the seven months to July, they dropped by 12% in Germany, the EU's biggest EV market. In the United States and Canada, EV sales were up 7.1% in July. BYD continued to have record sales of plug-in hybrids again this month, which is a key contributor as they have a large volume of vehicles that they sell, Lester told Reuters. Range extender vehicles, battery-powered hybrid cars that recharge with an on-board generator, are also selling in large numbers, Lester said. The European Union imposed in July provisional tariffs on imports of electric cars made in China. BYD faces duties of 17.4%, Geely 19.9% and SAIC 37.6%, the EU said.

News

Global EV sales up 21% in July, says market research firm