Global New Energy Vehicle Sales Growth Despite Europe's Decline, Impact on Chinese EVs in EU
TapTechNews August 16th news, Xinhua News Agency quoted data from market research company RhoMotion stating that although the demand in Europe decreased, thanks to the strong growth in China, the global sales of new energy vehicles (including pure electric and plug-in hybrid) in July increased by 21% year-on-year.
Data shows that the global sales of new energy vehicles in July was 1.35 million, with a year-on-year increase of 21%; among them, the sales in China was 880,000, with a year-on-year increase of 31%, and the sales of plug-in hybrid vehicles in China increased by 70% year-on-year.
In July, the monthly sales of electric vehicles in Europe decreased by 7.8% and was flat compared to the same period in 2023. In the first seven months of this year, the sales in the largest electric vehicle market in the EU, the German market, decreased by 12%; while the sales of electric vehicles in the US and Canada increased by 7.1% in July.
Charles Lester, the data manager of RhoMotion, said that Chinese electric vehicles are expected to be severely impacted by the tariff-imposing incident in the EU market, and among them, MG, which belongs to SAIC, will be the most affected.
Lester said that since Tesla can produce electric vehicles in its Berlin factory, the tariff has less impact on it, and Chinese electric vehicle giant BYD has a low market share in Europe, so it is also less affected.
The latest data from the China Association of Automobile Manufacturers shows that in July, the auto market entered the traditional off-season. The production and sales of automobiles in China were completed 2.286 million and 2.262 million respectively, with month-on-month declines of 8.8% and 11.4% respectively, and year-on-year declines of 4.8% and 5.2% respectively. TapTechNews noted that the production and sales of new energy vehicles in July were completed 984,000 and 991,000 respectively, with year-on-year increases of 22.3% and 27%, and the new car sales of new energy vehicles reached 43.8% of the total new car sales.