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Surge in Global Electric Vehicle Sales

August 14, 2024

Global sales of electric vehicles (EVs) saw a surprising surge in July, driven by rapid growth in sales in China at the fastest pace since the beginning of the year.

According to market research firm Rho Motion, global sales of electric and hybrid vehicles reached 1.35 million units in July, representing a 21% increase compared to the same month last year. China alone accounted for 880,000 vehicles, marking a 31% year-on-year increase, the fastest growth rate in China since the start of 2024.

BYD, the world’s largest electric vehicle manufacturer, saw its global electric vehicle sales rise by 13% during the same period, while its hybrid vehicle sales jumped by 44%.

In Europe, sales dropped by 7.8% on a monthly basis in July but remained stable at the same level as the corresponding period in 2024. Sales in Germany, Europe’s largest electric vehicle market, fell by 12% since the beginning of this year.