Global sales of fully electric and plug-in hybrid vehicles increased by 13% in June compared to the same month in 2023, driven primarily by growth in China, according to market research firm Rho Motion.
China accounted for over 60% of the total, stated Charles Lester, data manager at Rho Motion, emphasizing the impact of increased availability of electric vehicles and strong sales by BYD on the domestic market share of plug-in hybrid electric vehicles (PHEVs) in the first half of the year.
In July, global PHEV sales reached 1.4 million units, with China alone contributing 0.86 million units, marking a 25% year-on-year increase, Lester disclosed. Conversely, European monthly sales declined by 7% to 0.30 million units, with Finland, Ireland, and the Netherlands leading the losses, though Italy saw a 34% surge following new government incentives.
Meanwhile, PHEV sales in the United States and Canada rose by 6% to 0.14 million units during the same period.
Lester also highlighted a significant surge in BYD sales in Brazil, which more than tripled compared to June 2023.
Looking forward, Lester provided a cautious outlook, stating, “The overall picture is that 2024 is not going to see the ambitious growth some may have hoped for the industry, and we have lowered our forecasts by 5% to 16.6 million electric cars sold this year.” He added, “Regional disparities are quite remarkable.”
Demand for electric cars has cooled recently after years of rapid growth, with consumers awaiting more affordable models or opting for hybrid alternatives.
In a development likely to impact the market further, the European Union recently imposed tariffs of up to 37.6% on imports of electric vehicles from China, marking a significant escalation in trade tensions with Beijing.
