Global sales of purely electric and plug-in hybrid vehicles increased by 15% in August compared to a year ago, marking the lowest growth rate since January, according to market research company Rho Motion.
China, which represents more than half of global electric vehicles, saw its growth slow down to 6% in August, after average monthly rate of 36% in the first half of the year. Despite the slowdown, Rho Motion expects sales in China increase in the fourth quarter, as new subsidy programs will be made available and seasonal demand will recover.
August was also the weakest month in China in terms of total car sales for seven months. Byd, the world’s largest electric manufacturer, recently reduced the worldwide sales target for 2025 by 16%. However, smaller competitors such as Geely, Xpeng and NIO recorded record sales for the month, stressing their growing market share.
Outside China, demand has partially offset the slowdown. Sales in the US increased in view of tax credit, while Europe has benefited from carbon emissions. In August, global sales of electric and plug-in hybrid vehicles reached 1.7 million points, from a 21% increase in July. Chinese sales represented 1.1 million units, sales in Europe increased by 48% to about 283,453 points, sales in North America increased by 13% to 201.255 and the rest of the world increased 56% to more than 144,280 vehicles.
Charles Lester, Rho Motion’s data manager, said: “In the US, we expect a sales record in August and then another strong month in September. It could be another record and then probably a big fall. ” He added: “BYD still has the market share and is definitely feeling the pressure of other original equipment manufacturers (OEMs).
Source: Skai
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