Europe Drives Global Electric Vehicle Sales Growth in August 2024
Global Electric Vehicle Sales Trends and Regional Analysis
Sept 11 (Reuters) - Global demand for electric vehicles rose for a sixth consecutive month in August, with Europe leading the growth, data from UK-based research firm Benchmark Mineral Intelligence showed on Friday.
Regional Market Performance
Europe: Leading the Charge
Sales of battery-electric and plug-in hybrid vehicles show growing differences between major markets. Subsidies support demand in Europe, while the U.S. market has been affected by the removal of federal EV tax credits in September 2025, and Chinese automakers increasingly rely on exports for growth.
- Monthly sales in Europe climbed 36% to 380,000 units, pushing year-to-date growth to 29%.
- Europe's growth is backed by continued strength in subsidy-backed demand in the region's major markets.
China: Facing Challenges
- Chinese sales fell 11% to 1.03 million vehicles, affected by a tougher year-ago comparison.
North America: Impact of Policy Changes
- North American sales dropped 33% to 140,000 vehicles, reflecting last year's EV buying rush in the U.S. before the federal tax credit expired.
Rest of the World: Rapid Growth
- Sales for the rest of the world jumped 97% to 290,000 units.
Overall Global Sales Figures
Year-to-Date and Monthly Performance
- Global EV sales rose 2% to 1.83 million vehicles in August, bringing year-to-date volumes to 13.4 million units.
(Reporting by Mathias de Rozario in Gdansk, editing by Milla Nissi-Prussak)
