Monthly EV Sales Have Surpassed 1 Million Units In China

According to London-based Rho Motion, China is now the world's first market to see monthly EV sales surpass the 1 million units mark.

Despite a widely reported slowing of global electric vehicles (EVs) sales, China is instead experiencing EV adoption growth unlike any other. In fact, a recent report published London-based research house Rho Motion indicates that China saw its EV monthly sales surpass 1 million units in Aug.

Additionally, Rho Motion reportedly highlights that plug-in hybrid (PHEV) and battery-electric cars (BEVs) year-to-date sales have risen by 20%, totalling at an estimated 9.8 million units. The research house touts that China accounts for 6 million of which.

China Aug 2024 EV sales surpassed 1 million units which, compared to the previous year, marked massive 33% growth.

Said feat sees China become the world’s first market see its monthly EV sales surpass the 1 million unit mark. This puts China’s EV sales rising up by a sizeable 33% compared to the same timeframe in 2023.

In contrast, EV sales in North America (The US and Canada) only grew by 9%, whereas EV sales in both Europe and the UK dropped for the first time at a rate of 4%. The drop also comes despite markets like Portugal, Belgium, the UK, and France all experiencing EV sales growth last year.

EV sales in the EU and UK have dropped for the first time, shrinking by 4%. The one market that saw massive drop is Germany as year-to-date EV sales there have dropped by 23%.

One market in particular stood out as it continues to struggle at shifting away from fossil fuel – Germany. In fact, Rho Motion reportedly notes that German EV sales fell by a sizeable 23%, prompting the German government to introduce a new corporate EV tax break incentive.

And despite facing the prospects of increased import tariffs by the European Union (EU), Chinese brands such as BYD, Jaecoo and Hongqi appears unphased by the region’s somewhat low enthusiasm for BEVs. All are also poised at introducing more new models here soon too.

While China’s EV-making might steams on, the slowed global sales of EVs have prompted several leading carmakers to revise or back-track on their EV transition and expansion plans. The latest amongst which to do so is Swedish automaker Volvo.