Global electric vehicle sales growth moderated in July, expanding 21% year-on-year to 1.6 million units—the smallest increase since January—as China’s once-booming market showed signs of cooling. According to data released Wednesday by research firm Rho Motion, the growth rate dipped from June’s 25%, driven largely by weaker demand for plug-in hybrids in the world’s largest auto market.
China, which typically accounts for over half of global EV sales, saw its growth taper to 12% last month, a sharp deceleration from its 36% monthly average during the first half of 2024. Analysts attributed the shift to a temporary suspension of select government subsidies for EV and plug-in hybrid purchases, part of a broader recalibration of incentives tied to 2025 targets. Reuters reported that BYD, the world’s top EV manufacturer, logged its third consecutive monthly decline in registrations, signaling broader challenges in the domestic market.
Elsewhere, however, momentum persisted. European sales soared 48% to approximately 390,000 units, buoyed by policies accelerating decarbonization efforts. North America recorded a 10% rise to over 170,000 vehicles, while markets outside these regions—including parts of Asia and Latin America—jumped 55% to 140,000 units. This divergence underscored a pivotal dynamic: as China’s slowdown tempered global figures, other regions helped stabilize overall growth.
“Market conditions are uneven, but the long-term outlook for EV adoption remains robust,” said Charles Lester, data manager at Rho Motion. He noted that regional policy shifts are creating short-term volatility, with China expected to rebound in August as subsidy allocations resume. Meanwhile, U.S. demand could face headwinds after September, when federal tax credits for new EV purchases and leases are set to shrink.
Despite July’s tempered growth, the industry’s expansion continues to outpace traditional combustion engine vehicles. Supportive regulations and consumer incentives in Europe, alongside emerging demand in smaller markets, suggest sustained progress toward global electrification targets. The mixed performance highlights both the fragility of policy-dependent growth and the broadening geographic spread of EV adoption—a trend analysts say will define the sector’s evolution through 2025 and beyond.
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