In China, year-to-date sales are up 25 percent, but only rose by 6 percent in August
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by Brad Anderson
13 minutes ago
- This year, an estimated 12.5 million BEVs and PHEVs have been sold globally.
- Sales in North America have increased just 6 percent compared to last year.
- Dragging North America down has been a decline in sales across Canada.
The automotive industry’s transition to electrification has been a lot rockier than many had predicted due to shifting customer preferences, ever-changing regulatory hurdles, and market-specific demands, forcing carmakers to respond. While the growth in sales of electrified vehicles has slowed somewhat, new data reveals they continue to gain popularity, accounting for a larger slice of the overall market.
Through the first eight months of this year, an estimated 12.5 million battery-electric vehicles and plug-in hybrid vehicles have found homes around the world. This represents a significant 25 percent spike over the year prior and has been led by surging demand in most important markets. However, North America is lagging behind.
A Continent Out Of Step
Read: The World Is Racing Toward EVs While America Barely Leaves The Driveway
According to data from Rho Motion, this year a total of 1.3 million BEVs and PHEVs have been sold in North America, which is just a 6 percent increase from last year. By comparison, sales in Europe are up 31 percent, those in China have increased 25 percent, and sales across the rest of the world have jumped 44 percent to roughly 1 million units.
Canada is dragging the rest of North America down. After the iZEV rebate was paused earlier in the year, Canadian BEV and PHEV sales have fallen one-third year-to-date. By comparison, sales are up in the United States and experienced a particular surge in August due to the impending end of the federal EV tax credit on September 30.
Slowing Momentum
In August alone, global sales of BEVs and PHEVs increased by 15 percent from the year prior, but this rate was the lowest jump since January. In total, 1.7 million BEV and PHEVs were sold in August, representing a 5 percent jump from July.
China, the world’s largest EV market, illustrates the slowdown. Sales still climbed 6 percent compared with August 2024, but the rise fell short of expectations. Last year’s numbers were inflated by unusual surges in July and August, when China broadened its trade-in scheme for new energy vehicles, making this year’s performance look softer by comparison.
Lead image: Stefan Baldauf & Guido ten Brink
