Global EV Sales Rise 9% in July, Up 33% in Europe but Down 27% in North America

According to data from Benchmark Mineral Intelligence, approximately 1.85 million electric vehicles (EVs)—including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs)—were sold globally in July 2024, an increase of 9% year-over-year. Cumulative global EV sales for the first seven months of 2024 reached 11.5 million units, up 4% compared to the same period last year. In Europe, EV sales totaled 450,000 units in July, rising 33% year-over-year but declining 17% month-over-month. Year-to-date sales through July reached 3 million units, a 28% increase year-over-year. France saw July sales surge by 81% year-over-year, with an EV market penetration rate of 37%. Germany reported a 46% year-over-year increase, while the UK grew by 43%. Spain launched its new Auto+ incentive scheme on August 4, offering subsidies of up to €4,500 retroactively applicable to vehicle purchases made after January 1, 2024. Sales in the "Rest of World" region reached 280,000 units in July, nearly doubling year-over-year. Cumulative sales for the first seven months totaled 1.7 million units, up 96% year-over-year. China’s EV sales in July stood at 980,000 units, down 5% year-over-year. Year-to-date sales through July totaled 5.9 million units, a 12% decline compared to the same period in 2023. BEV sales rose 6% year-over-year, while PHEV sales fell by 21.1%, and extended-range EV sales declined by 16.5%. In July, China exported over 500,000 new energy vehicles (NEVs), setting a new monthly record. NEVs accounted for 65.1% of total passenger vehicle retail sales in China that month. North America recorded EV sales of 140,000 units in July, down 27% year-over-year. Cumulative sales for the first seven months reached 900,000 units, a decline of 18% year-over-year. U.S. EV sales in July dropped by more than 30% year-over-year. Benchmark noted that the North American market downturn was primarily driven by the removal of federal EV support policies, a weakening regulatory environment, and a high base effect from the same period in 2023.