Global sales of fully electric and plug-in hybrid vehicles has risen by 21% year-over-year in July, driven by China’s strongest growth this year, according to market research firm Rho Motion.
Despite declined demand in Europe, the industry achieved 1.35 million sales worldwide, with China accounting for 0.88 million units, a 31% increase.
“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,” said Charles Lester, data manager at Rho Motion.
BYD, the world’s largest EV maker, reported a 13% increase in global BEV sales and a 44% rise in PHEV sales in the first seven months of 2024.
Lester attributed BYD’s success to its record sales of plug-in hybrids, he said , “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.”
However, the European Union’s imposition of provisional tariffs on Chinese EV imports in July may impact some manufacturers.
MG Motor, owned by SAIC Motor Corp, was expected to be hit hardest, while Tesla and BYD are likely to be less affected.
“Range extender vehicles, battery-powered hybrid cars that recharge with an on-board generator, are also selling in large numbers,” Lester noted.
The tariffs, ranging from 17.4% to 37.6%, is said to impact Chinese EV manufacturers, including BYD, Geely, and SAIC.
Despite this, the global EV market remained resilient, with sales in the United States and Canada rising 7.1% in July.
Boluwatife Enome
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