China led the surge in EV and PHEV sales with an impressive 880,000 units sold, marking a 31% increase from the previous year. Specifically, plug-in hybrid vehicles saw a massive 70% growth in sales. Meanwhile, North America recorded a modest 7.1% growth, with both the U.S. and Canada contributing to this rise.
Europe contrasted starkly with other regions experiencing a decrease of 7.8% in sales. Germany's EV market was particularly hard hit, decreasing by 12% over the period from January to July. Charles Lester from Rho Motion stated, “The EV market has definitely been a mixed bag so far this year...EU’s sales are stalling, especially in Germany and EU tariffs on Chinese EVs are likely to impact this even further.” Despite these regional struggles, France and the UK stood out as exceptions with their market growth.
In terms of individual company performance, BYD reported strong results with specific increases noted: BEVs grew by 13%, while PHEVs surged by an impressive 44%. BYD’s success contributes robustly to the overall industry figures for the month.
Beyond specific models and regional data, it is noteworthy that range-extender powertrains continue to post strong sales numbers globally. However, forthcoming EU tariffs on Chinese EVs could reshape future market dynamics significantly.
Source: Reuters