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China's electric vehicle market grew by 31% over the past year while sales were down across the EU and U.K., data shows.
What Happened: EV researcher Rho Motion revealed that 1.4 million EVs were sold globally in July, bringing the year-to-date sales figure up to 8.4 million.
Regional disparities continue to grow while EU and UK sales fell year-on-year by 8% compared to data sourced last July.
Related: Tesla’s China Comeback: July Sales Surge 15% Year-On-Year Despite Overall NEV Market Dip
Here’s a breakdown of the findings:
Why It Matters: Rho Motion lead EV data analyst Charles Lester called the sector “a mixed bag” in 2024, noting that sales continue “to flourish” in China, North America and early-stage EV markets.
Notably, last month, the European Commission, responsible for the EU's trade policy, imposed provisional tariffs of up to 37.6% on electric vehicles imported from China and has sought input from EU member states in a consultative vote.
The report states that the tariffs will have a lesser impact on Tesla, Inc. (NASDAQ:TSLA), which manufactures in Berlin, and Chinese EV giant BYD Co., Ltd. (OTC:BYDDF), whose European presence is limited.
Earlier this month, pure EV sales of BYD fell to 130,000 units in July, marking a nearly 4% dip from the corresponding month of last year and raising concerns about dwindling EV demand.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.