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Europe Drives Global EV Sales Surge Amidst China/US Slump
10 Jul
Summary
- Global electric vehicle demand grew for the fourth consecutive month.
- Europe saw a record 31% surge in EV registrations in June.
- China and North America experienced significant EV sales declines.
Global demand for electric vehicles continued its upward trend in June, with registrations increasing by 7% year-over-year. This marks the fourth consecutive month of growth, reaching 2 million units, and bringing first-half volumes up by 2% compared to the previous year.
Europe spearheaded this expansion, achieving a record 530,000 EV registrations in June, a substantial 31% increase. Consultancy Benchmark Mineral Intelligence identifies Europe as the principal engine for current EV growth.
Conversely, the Chinese market experienced an 11% decrease in registrations, with approximately 1 million vehicles sold. North America also saw a downturn, with a 13% drop in sales, attributed partly to the conclusion of U.S. electric vehicle tax credits.
Amidst these shifting dynamics, Chinese automotive manufacturers are actively expanding their presence in international markets to counteract softer domestic sales.
