Global EV sales show lowest growth since beginning of the year

In July, global electric vehicle sales increased by only 21% year-on-year. This figure is the lowest since the beginning of the current year. The main reason was the slowdown in the growth rate of the Chinese market, writes Ukrautoprom, reports UNN.

DetailsGlobal electric vehicle sales in July increased by 21% compared to the same period last year, which is the lowest figure since January – the report says.

According to Rho Motion, the July market for electric vehicles (BEV) and plug-in hybrids (PHEV) grew to 1.6 million cars.

China, which accounts for more than half of global sales of electric vehicles and plug-in hybrids, remains the largest automotive market on the planet. While sales in the country grew by an average of 36% monthly in the first half of the year, in July the pace slowed to 12% due to the suspension of some government subsidy programs.

However, the overall growth of the global market remained relatively stable thanks to other regions. Europe showed a sales increase of 48% – to about 390 thousand cars, North America – by 10% (over 170 thousand), and other regions of the world added 55%, exceeding the mark of 140 thousand cars.

It is expected that car sales in China will start to grow actively again from August, as new funds for subsidy programs will appear. At the same time, the reduction of tax benefits in the US for the purchase or leasing of new electric vehicles at the end of September will negatively affect demand in this country

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