Global sales of fully electric and plug-in hybrid vehicles surged by 21% in July, driven by China’s robust market performance despite a decline in demand across Europe, according to market research firm Rho Motion. China's electric vehicle (EV) market saw its strongest growth of the year, with sales reaching 0.88 million units, up 31% year-on-year.
In contrast, Europe’s EV market faced challenges, with a 7.8% drop in monthly sales, bringing year-to-date figures in line with 2023. Germany, the European Union’s largest EV market, experienced a 12% decline in sales over the first seven months of 2024. The imposition of provisional tariffs by the European Union on Chinese-made EVs is expected to exacerbate these difficulties, particularly impacting MG Motor, a subsidiary of China’s SAIC Motor Corp.
According to Rho Motion data manager Charles Lester, the tariffs will likely hit MG Motor the hardest, while the impact on Tesla and Chinese EV giant BYD may be more limited. Tesla’s Berlin factory enables it to avoid some of the tariff burdens, and BYD's smaller presence in Europe means it may feel less immediate impact from the new duties.
BYD, the world’s largest EV manufacturer, reported significant growth in the first seven months of 2024, with global sales of fully electric vehicles up 13% and plug-in hybrids up 44%. The company’s strong performance in plug-in hybrid sales has been a key contributor to its overall success, with Lester noting that BYD continues to achieve record sales in this category.
In North America, EV sales saw a modest increase of 7.1% in July, indicating steady growth in the region. Meanwhile, the market for range extender vehicles—battery-powered hybrid cars equipped with on-board generators—also continued to perform well, further diversifying the global EV landscape.
The European Union’s provisional tariffs on Chinese-made electric cars, imposed in July, range from 17.4% for BYD to as high as 37.6% for SAIC. These tariffs are part of the EU’s broader strategy to protect its domestic EV industry, but they also introduce new challenges for Chinese manufacturers looking to expand in the European market.
Overall, the global EV market remains dynamic, with China leading the charge in sales growth while Europe faces obstacles from both declining demand and increased trade barriers.
(Source:www.usnews.com)
In contrast, Europe’s EV market faced challenges, with a 7.8% drop in monthly sales, bringing year-to-date figures in line with 2023. Germany, the European Union’s largest EV market, experienced a 12% decline in sales over the first seven months of 2024. The imposition of provisional tariffs by the European Union on Chinese-made EVs is expected to exacerbate these difficulties, particularly impacting MG Motor, a subsidiary of China’s SAIC Motor Corp.
According to Rho Motion data manager Charles Lester, the tariffs will likely hit MG Motor the hardest, while the impact on Tesla and Chinese EV giant BYD may be more limited. Tesla’s Berlin factory enables it to avoid some of the tariff burdens, and BYD's smaller presence in Europe means it may feel less immediate impact from the new duties.
BYD, the world’s largest EV manufacturer, reported significant growth in the first seven months of 2024, with global sales of fully electric vehicles up 13% and plug-in hybrids up 44%. The company’s strong performance in plug-in hybrid sales has been a key contributor to its overall success, with Lester noting that BYD continues to achieve record sales in this category.
In North America, EV sales saw a modest increase of 7.1% in July, indicating steady growth in the region. Meanwhile, the market for range extender vehicles—battery-powered hybrid cars equipped with on-board generators—also continued to perform well, further diversifying the global EV landscape.
The European Union’s provisional tariffs on Chinese-made electric cars, imposed in July, range from 17.4% for BYD to as high as 37.6% for SAIC. These tariffs are part of the EU’s broader strategy to protect its domestic EV industry, but they also introduce new challenges for Chinese manufacturers looking to expand in the European market.
Overall, the global EV market remains dynamic, with China leading the charge in sales growth while Europe faces obstacles from both declining demand and increased trade barriers.
(Source:www.usnews.com)