Electric vehicle sales growth eases to 21% in July, research firm says

Global electric vehicle sales grew 21% year-on-year in July, the slowest rate since January and down from 25% in June, as momentum in plug-in hybrid sales in China slackened, market research firm Rho Motion said on Wednesday.

China is the world’s biggest car market and accounts for more than half of global EV sales, which in Rho Motion’s data include battery-electric vehicles and plug-in hybrids.

Its overall car sales growth slowed in July, with BYD, the world’s largest EV maker, recording its third monthly drop in registrations.

The relatively muted slowdown in overall EV sales however shows other markets are taking up some of the slack, with European sales for one benefiting from incentives, opens new tab aimed at speeding up decarbonisation.

Global sales of battery-electric vehicles and plug-in hybrids rose to 1.6 million units in July, Rho Motion data showed.

China’s EV sales growth, which averaged 36% a month in the first half, eased to 12% in July as the previously booming market was dampened by a pause in some 2025 government subsidy schemes for EV and plug-in hybrid purchases, Rho Motion data manager Charles Lester said.

Chinese sales reached around one million vehicles. European sales surged 48% to about 390,000 units, while North American sales climbed 10% to more than 170,000. Sales in the rest of the world jumped 55% to more than 140,000 vehicles.

Chinese car sales are expected to return to strong growth from August as new funds become available for its subsidy schemes, while a cut in U.S. tax credits for buying or leasing new EVs at the end of September will hurt demand there, according to a Reuters report.

Source: Reuters

- Agencies