Global EV Sales Rise in June, China Leads Growth

Global sales of fully electric and plug-in hybrid vehicles increased by 13% in June compared to the same period in 2023, driven by growth in China, but declined in Europe. China dominated with over 60% of total sales, while PHEV sales worldwide reached 1.4 million in July, with a significant portion in China. Despite the rise in some regions like Italy and Brazil, overall 2024 is forecasted to see a 5% decrease in electric car sales to 16.6 million. The EU imposed tariffs on Chinese electric vehicle imports, causing tensions with Beijing. Consumer demand for electric cars has softened, possibly due to waiting for more cost-effective models or opting for hybrid options.