Global sales of fully electric and plug-in hybrid vehicles grew 15% in August from a year earlier, the slowest pace since January, as Chinese demand cooled, data from market research firm Rho Motion showed on Friday.
Battery-electric and plug-in hybrid sales rose to 1.7 million units worldwide, compared with a 21% rise in July. The slowdown reflected tougher year-on-year comparatives, as China’s subsidy-driven demand in August 2024 boosted the base figure.
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China, the world’s largest car market, accounted for 1.1 million sales last month, up 6% year-on-year but sharply below the 36% monthly average seen in the first half. “BYD still has the market share, and they’re certainly now feeling the pressure from other OEMs,” said Charles Lester, data manager at Rho Motion.
Despite the softer pace, Lester said demand in China is expected to pick up in the fourth quarter as new subsidy funds are released and seasonal buying increases. He added, “In the US, we’re expecting record sales in August and then another strong month in September; it could be another record and then likely a big drop.”
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Elsewhere, sales rose sharply. European EV registrations climbed 48% to about 283,453 units, while North America posted a 13% increase to 201,255 units. Markets outside these regions jumped 56% to more than 144,280 vehicles.
The weaker showing in China came as overall car sales in the country slowed to their lowest growth rate in seven months. BYD (002594.SZ), the world’s largest EV maker, cut its 2025 global sales target by up to 16% last week. Still, August was a record month for rivals Geely, Xpeng and Nio, highlighting their growing share of China’s EV segment.