Global electric car sales slow down - They grew by 21% in July. China, the main factor that slowed the pace
Global electric vehicle sales expanded 21% in July compared to the same month last year, marking the slowest growth rate since January, according to market research firm Rho Motion.
China is the world's largest car market and accounts for more than half of global sales of electric vehicles, which include both battery-powered and plug-in hybrid models. Overall car sales growth in China slowed in July, with BYD, the world's largest electric vehicle maker, reporting its third consecutive monthly decline in registrations.
However, the relatively mild slowdown in total sales indicates that other markets are partially offsetting this decline, with Europe benefiting from subsidies aimed at accelerating decarbonization.
According to the data, global sales of battery electric vehicles and plug-in hybrids rose to 1.6 million units in July.
In China, sales growth, which averaged 36% per month in the first half of the year, fell to just 12% in July. The drop came after some government subsidy schemes for the purchase of electric and hybrid vehicles were temporarily suspended, industry experts explain. In total, about one million vehicles were sold in the Asian country.
In Europe, sales expanded by 48%, reaching around 390,000 units, while in North America there was a 10% increase, with more than 170,000 units sold.
Analysts expect China's car registrations to resume strong growth starting in August as subsidies resume. Meanwhile, the reduction of tax credits in the US for buying or leasing electric vehicles is expected to hurt US demand.
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