It is no secret that the growth of the electric vehicle market it got cold in the first months of the year, but according to market research firm Rho Motion, the sector has seen a strong recovery in recent months. Together with plug-in hybrids, in fact, sales are increased by 21% globally in July compared to the same month of the previous year.
Electrics and PHEVs soar in China
Data shows that last month, 1,000 units were sold worldwide 1.4 million electric vehicles and PHEVs. Of these, about 880,000 were sold in China, up significantly by 31% year-on-year. Demand for PHEVs skyrocketed across China in July, up 70% from last year. One of the biggest beneficiaries of the recovery in demand for EVs and PHEVs was BYDwhich recorded a 13% increase in sales for its battery electric vehicles and a 44% increase for its PHEVs.
Slow sales in EU
But it’s not just China that has seen sales rise. Deliveries of electric vehicles rose 7.1% in July in the United States and Canada, Reuters reports. Things they didn’t go as well in Europewhere registrations fell by 7.8% in the seventh month of the year: the decline was particularly significant in Germany, with a 12% decrease in the sector in the January-July period.
Growth Estimates
“The electric vehicle market has certainly been a mixed bag so far this year. – said Charles Lester, Rho Motion’s chief data officer – Global sales have been strong and continue to thrive in China, North America and nascent EV markets. However, sales in the EU have stalled, especially in Germany, and EU tariffs on Chinese EVs are likely to will have an even greater impact. Despite the region’s challenges, France and the UK are weathering the storm and have expanded their domestic markets. We would expect to see these trends play out over the rest of the year, unless drastic measures are put in place“.
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