Alessandro Parodi
(Reuters) – Global sales of all-electric and plug-in hybrid cars rose 21% in July from a year earlier despite falling demand in Europe, market research firm Rho Motion said on Monday, helped by China’s strongest growth this year.
In the EU, MG Motor, owned by China’s SAIC Motor, is expected to be hardest hit by temporary tariffs on electric vehicles imported from China, Rho Motion data manager Charles Lester told Reuters.
Lester said the impact of tariffs on Tesla (Nasdaq: ) and Chinese electric car giant BYD (Shenzhen: ) should be less, with Tesla able to produce at its Berlin plant and Chinese EV giant BYD Auto giant BYD’s presence in Europe remains small.
From a numerical perspective
Data show that global sales of electric vehicles – whether pure electric (BEV) or plug-in hybrid (PHEV) – were 1.35 million in July, of which 880,000 were sold in China, a 31% increase from the same period last year.
In the first seven months of 2024, China’s plug-in hybrid vehicle sales increased by 70% compared with last year.
BYD, China’s and the world’s largest electric vehicle manufacturer, reported that its global sales of pure electric vehicles and plug-in hybrid vehicles increased by 13% and 44% respectively during the same period.
In Europe, monthly sales fell 7.8% in July, in line with 2023 year-to-date figures.
In the United States and Canada, electric vehicle sales increased 7.1% in July.
Key Quotes
“BYD’s plug-in hybrid sales hit a record high again this month, which is a key factor because of the large number of vehicles they sell,” Lester told Reuters.
Lester said extended-range vehicles, battery-powered hybrids that charge through on-board generators, are also selling in large numbers.
context
The EU imposed temporary tariffs on imports of Chinese-made electric vehicles in July. The EU said BYD faced tariffs of 17.4%, Geely at 19.9% and SAIC at 37.6%.
