Electric Vehicle (BEV/PHV/FCV) Sales Monthly Report (June 2024)
Electric vehicle sales in June increase 19.6% y/y to 1,312,000 units
2024/07/26
- Share of electric vehicles (BEV/PHV/FCV)
- Electric vehicle (BEV/PHV/FCV) share and trends in each country
- Electric vehicles (BEV/PHV/FCV) sales trends of major manufacturers and sales composition by powertrain
- Passenger car sales trends in 12 major countries (including ICE and all other powertrains)
Share of electric vehicles (BEV/PHV/FCV)
This report presents new car sales volumes (MarkLines aggregate data, excluding commercial vehicles; estimates are included) and analyzes sales trends of electric vehicles (BEV: battery electric vehicles / PHV: plug-in hybrid vehicles / FCV: fuel cell vehicles) in the global market in 15 countries, including 12 major countries, which account for approximately 83% of global car sales, and three Nordic countries (*Note).
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12 major countries: China, U.S.A., Japan, India, Germany, France, Brazil, U.K., South Korea, Canada, Italy, Thailand
3 Nordic countries: Norway, Sweden, Finland
These 15 countries account for about 90% of global electric vehicle sales.
(Note 1) Aggregated on July 22, 2024
Some corrections have been made to past vehicle data.
Thailand has been added to the total from January 2024.
The sales volume (shipment volume) for China are aggregate figures excluding exports.
(Note 2) Reasons for high electrification rates in Nordic countries
1. The population’s environmental awareness has always been high.
2. A high percentage of electricity is generated from renewable energy sources such as hydroelectric power and wind power (awareness of the need to use abundant renewable energy for electric vehicles).
3. Generous policies such as subsidies, tax incentives, and charging infrastructure development.
4. A wide range of electric vehicle models is available.
Sales of electric vehicles in the 12 major countries and the 3 Nordic countries of Norway, Sweden, and Finland (15 countries in total) reached 1.312 million units in June. y/y, the number of units sold increased by 19.6%, and sales also increased by 13.2% m/m. The market share of electric vehicles was 24.4% in June, a further increase of 1.7 points over the previous month. Both sales volume and market share were the second highest since the end of last year. Cumulative sales of electric vehicles for the first half of 2024 increased 23.0% y/y to 6.148 million units, accounting for 20.6% of total vehicle sales volume.
Hybrid vehicle (HV) sales volume in June was 396,000 units, showing increases of 5.9% y/y and 0.5% m/m. The HV share for June was 7.4%, down 0.3 points from May. Cumulative HV sales for the January to June period increased 15.3% y/y to 2.308 million units, accounting for 7.7% of total vehicle sales volume.
On June 12, the European Commission,the EU's (European Union) politically independent executive arm, announced additional tariffs on Chinese-made electric vehicles. The current tariff rate of 10% will be increased by 17.4% for BYD, 19.9% for Geely, and 37.6% for SAIC. These companies were subjects of the sampling survey investigation. Further, an additional tax of 20.8% will be imposed on those manufacturers who cooperated with the investigation. However, for those manufacturers who did not cooperate with the investigation, an additional tax of 37.6% will be imposed. These tariffs are provisional and will be in place from July 5 for up to four months, during which time the final tariff rates will be voted on by the EU member states. If the decision is adopted, the provisional tariffs will be in place for a minimum of five years. The measure is aimed at protecting the EU's automotive industry, but has been controversial, with the German Association of the Automotive Industry criticizing it as causing significant damage to European consumers and businesses. Discussions with the Chinese government are still ongoing, and future developments must continue to be monitored.
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