Global EV sales up 21% in July As China Records Biggest Jump Of 2024 - Report

Photo credit: Yuri Iskandar via Facebook. July saw a remarkable 21 percent increase in global sales of electric vehicles (EVs) over the previous year. China was a major contributor to this surge, as it had its best-ever sales year in 2024.

Market research firm, Rho Motion reported that 1.35 million fully electric and plug-in hybrid cars were sold globally in the previous month. Approximately 880,000 of these were sold in China alone, a noteworthy 31% increase from the previous year.

During the same period, plug-in hybrid electric vehicles (PHEVs) saw a 70% surge in sales in China between January and July of 2024. 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, Reuters reported.
China prospered, but the European market could not keep up its pace. EV sales fell 7.8% month over month throughout the European Union, following earlier trends in the industry.

Germany, the biggest EV market on the continent, was especially hard hit by this downturn, with overall sales declining by 12% through July. Positive trends were also observed in North America, despite challenges within Europe. In spite of shifting market conditions, EV sales in the US and Canada increased by 7.1 percent last month, demonstrating steadfast consumer interest.
The EU levied provisional tariffs at different rates on Chinese electric vehicle imports; BYD was subject to 17.4% duties, while Geely was subject to 19.9%. This is a critical development because it puts pressure on manufacturers and may raise consumer prices.

BYD's competitive position might start to change after the tariffs, especially if pressure on its pricing strategy increases. In the meanwhile, Tesla's current production capacity in Europe should help it negotiate these waters more expertly.