Five Consecutive Months of Growth! Global Electric Vehicle Sales Rise 9% Year-on-Year in July, Soar in Europe, Plummet in North America

Latest data shows that global combined sales of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) reached approximately 1.85 million units in July 2024, representing a 9% year-on-year increase. Cumulative sales from January to July totaled 11.5 million units, up 4% year-on-year, marking five consecutive months of positive growth. However, regional performance remains divergent: Europe and other emerging regions are surging, while North America is experiencing a sharp decline and China shows an overall drop despite continued growth in pure electric vehicles.

According to data released on Thursday, August 13, by consulting firm Benchmark Mineral Intelligence (BMI), Europe has become the global growth engine. July sales reached 450,000 units, up 33% year-on-year, though down 17% month-on-month due to summer holidays. Year-to-date cumulative sales in Europe hit 3 million units, up 28% year-on-year. France saw an explosive 81% increase, with EV penetration reaching a record 37%. Germany recorded 46% penetration and the UK 43%.

BMI data indicates that the restart or expansion of subsidy programs in major markets such as France, Spain, and Germany over the past 18 months has been a key driver. Spain launched its new 'Auto+' program last Tuesday, August 6, offering retroactive subsidies of up to €4,500.

Sales in regions outside Europe, China, and North America—labeled 'Rest of World'—reached 280,000 units last month, nearly doubling year-on-year. Cumulative sales from January to July reached 1.7 million units, up 96% year-on-year.

China’s July sales totaled 980,000 units, down 5% year-on-year and 7% month-on-month. Cumulative sales from January to July reached 5.9 million units, down 12% year-on-year. However, according to Electrek and data from the China Passenger Car Association (CPCA), BEV sales rose approximately 6% year-on-year, while PHEV sales dropped 21.1%, extended-range EVs declined 16.5%, and internal combustion engine (ICE) vehicles plummeted 44%. All fuel-powered models declined, with only pure electric vehicles showing growth.

Additionally, China’s July retail penetration rate for new energy passenger vehicles hit a record high of 65.1%. Exports reached 540,000 units, up 147.8% year-on-year, setting another monthly record. Chinese自主品牌 (independent brands) are exporting plug-in hybrids, extended-range, and BEV models collectively overseas.

North America sold only 140,000 units in July, down 27% year-on-year. Cumulative sales from January to July reached 900,000 units, down 18% year-on-year. The U.S. alone saw over a 30% decline, primarily due to a surge in pre-subsidy expiration purchases before the September 30, 2025 federal tax credit deadline in 2023, creating a high base effect, along with regulatory relaxation and subsidy phase-outs in 2024.

Whitcombe, Senior Analyst at BMI, stated: 'Growth continues globally, but it is not uniform. Europe and emerging markets are offsetting declines in North America. China’s overall declining figures mask the underlying trend of consumers rapidly abandoning internal combustion engines.'

Regional divergence sends three industry signals: price sensitivity emerges immediately in regions where subsidies are withdrawn; penetration rates jump sharply in Europe where subsidies have returned; and China is shifting from 'total volume growth of new energy' to a dual-driver model of 'pure electric replacing fuel vehicles plus exports'.

Based on BMI’s initial forecast, global EV growth is expected to slow to around 13% in 2026. However, structural shifts are more critical than total volume for automakers’ production planning and battery supply chain inventory decisions.