Electric Vehicle (BEV/PHV/FCV) Sales Monthly Report (July 2024)
Electric vehicle sales in July increase 20.0% y/y to 1,179,000 units
2024/08/29
- 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 August 26, 2024
Some corrections have been made to past vehicle data.
Some data includes estimates.
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 1.179 million units in July. y/y, the number of units sold increased by 20.0%, but sales decreased by 10.2% m/m. The market share of electric vehicles was 24.0% in July, a further decrease of 0.4 points over the previous month. This represents a strong increase of 4.7 points compared to 19.3% in July 2023. Cumulative sales of electric vehicles for the first half of 2024 increased 22.5% y/y to 7.327 million units, accounting for 21.1% of total vehicle sales volume.
Hybrid vehicle (HV) sales volume in June was 376,000 units, showing increases of 8.0% y/y, but a decrease of 10.3% m/m. The HV share for July was 7.7%, down 0.1 points from June. Cumulative HV sales for the January to July period increased 15.1% y/y to 2.706 million units, accounting for 7.8% of total vehicle sales volume.
Thailand is actively attracting EV manufacturers, and Chinese manufacturers are increasingly entering the market. BYD announced on July 5th, followed by GAC Aion on the 17th, that they would each start operations at plants in Thailand. In addition, new models in the market such as the Wuling Bingo and the Neta X are being announced frequently, giving a sense of the momentum of Chinese manufacturers.
On the other hand, Thailand's EV preferential policy, "EV3.5," has reduced subsidies compared to the "EV3.0" policy that ran through 2023, and mandates a higher proportion of EVs produced domestically in Thailand. In July, it was reported that the government had requested Chinese EV manufacturers to source at least 40% of the parts they use from Thailand, and measures are being taken to protect and develop domestic industries. Additionally, the Thai National Electric Vehicle Policy Committee is also considering measures for existing manufacturers, such as the approval of new incentives and applicable conditions for HVs. As protectionist movements grow stronger in Europe and the United States, policy changes in Asia and the activities of automakers will also be closely watched.
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