Sales Of Global Electric Vehicles Slowed Down In July, Europe Soared

JAKARTA - Global electric vehicle (EV) sales reportedly only grew 21 percent on an annual basis in July, down from 25 percent in June. This July figure is a late growth rate since January, the market research firm Rho Motion reported on Wednesday, August 12.

According to a Reuters report, quoted on Wednesday, August 13, the decline was due to the slow sale of hybrid plug-in vehicles (PHEVs) in China, which is the largest car market in the world that accounts for more than half of total global EV sales.

The report shows that China's EV sales growth, which averaged 36 percent per month in the first half of this year, fell to 12 percent in July.

According to Charles totaling, data manager Rho Motion, the slowdown was triggered by a hiatus in several Chinese government subsidy schemes for the purchase of EVs and PHEVs in 2025. Meanwhile, sales in China reached about one million units in July.

Interestingly, although China is slowing down, other markets are showing strong momentum. EV sales in Europe jumped 48 percent to around 390,000 units, driven by incentives aimed at accelerating decarbonization. Meanwhile, sales in North America rose 10 percent to more than 170,000 units, and in other markets around the world jumped 55 percent to more than 140,000 vehicles.

Nevertheless,tenGHt predicts that car sales in China are expected to grow again strongly from August, along with the availability of new funds for the subsidy scheme. However, in the United States, cutting tax credit for new EV purchases by the end of September is expected to put pressure on demand.