Global Electric Vehicle Sales Rise 20% in August

Global sales of electric vehicles (EVs) and plug-in hybrids increased by 20% in August 2024, buoyed by record sales in China despite a 33% drop in Europe, marking the region's weakest performance since January. Rho Motion projects that China's EV sales will rise by one-third this year to 10.5 million vehicles, while European sales are expected to remain flat at around 3.1 million units. In August alone, approximately 1.47 million EVs were sold worldwide, with China accounting for over one million of those. The U.S. and Canada saw an 8% increase in sales, reaching 160,000 units. Meanwhile, Germany's year-to-date sales have declined by 23% due to subsidy cuts, reflecting a larger trend of cooling demand for electric cars as consumers await more affordable options. The upcoming U.S. presidential elections are anticipated to significantly impact the future of EV sales in the country.