Global EV Sales Increase in July, Boosted by Europe Amid Declines Elsewhere
Global Electric Vehicle Market Trends in July
By Amir Orusov
Aug 13 (Reuters) - Global demand for electric vehicles rose for a fifth consecutive month in July, driven by robust growth in Europe while sales weakened in China and North America, data from consultancy Benchmark Mineral Intelligence showed on Thursday.
Sales of battery-electric and plug-in hybrid vehicles rose 9% from a year ago to 1.85 million units in July, bringing year-to-date volumes to 11.5 million vehicles.
Divergence Between Major EV Markets
The figures underscore the growing divergence between major EV markets, with European subsidies supporting demand, while the U.S. market has been affected by the removal of federal EV tax credits and Chinese automakers increasingly rely on exports for growth.
European Market Performance
- Sales in Europe climbed 33% to 450,000 units, pushing year-to-date growth to 28%
- "High growth persisted in Europe's larger automotive markets, many of which have experienced a return of an EV subsidy scheme over the past 18 months," BMI said
- France, Germany and Britain posted EV sales growth of 81%, 46% and 43%, respectively, in July
China and North America Trends
- Meanwhile, China sales fell 5% to 980,000 vehicles
- North America sales dropped 27% to 140,000 vehicles, following the end of U.S. EV tax credits
Rest of the World
- Sales for the rest of the world jumped 97% to 280,000 units
(Reporting by Amir Orusov in Gdansk, editing by Milla Nissi-Prussak)
