EV Sales Keep Rising Across Europe in July

Data released by Reuters on August 24 showed that electric vehicle (EV) sales continued to rise across most of Europe in July. In the first half of this year, EV sales in the European Union increased by 40.5% year-on-year, exceeding 1.2 million units and accounting for 20.7% of total new car sales. According to data from New Automotive and E-Mobility Europe, EV registrations in 16 major markets across the EU and the European Free Trade Association rose 13% year-on-year in July. In France, EVs accounted for 29% of new car sales in the first seven months of this year, with the share reaching 35% in July alone—up significantly from 17% a year earlier. France has begun implementing its "social leasing" subsidy program for EVs targeted at low-income households. A late-July survey by German online car marketplace Carwow of 1,000 users found that 62% of respondents believed switching to an EV would be the best long-term choice if fuel prices remain high. Meanwhile, the U.S. market followed a different trajectory. After federal EV tax incentives were phased out, U.S. EV sales rose 15% quarter-on-quarter in Q2 2024 but fell more than 20% year-on-year. Cox Automotive forecasts that U.S. EV sales in 2024 will be 23% lower than in 2025, with a market share of just 6.2%. Industry analysts note that insufficient public charging infrastructure continues to constrain further growth in the European market, particularly affecting purchasing decisions among consumers living in apartments.