Global EV sales growth slows to 15% in August, research firm says

GLOBAL sales of fully electric and plug-in hybrid vehicles grew 15 per cent in August from a year ago, marking the slowest rate since January and reflecting tougher comparatives, market research firm Rho Motion said on Friday (Sep 12).

China’s electric vehicle (EV) sales growth, which averaged 36 per cent a month in the first half, cooled to 6 per cent in August. However, China sales are still expected to be strong in the fourth quarter as new funds become available for its subsidy schemes and the usual seasonal rebound, said Rho Motion data manager Charles Lester.

China is the world’s biggest car market and accounts for more than half of global EV sales, which in Rho Motion’s data include battery-EVs and plug-in hybrids.

China’s overall car sales growth slowed to the weakest in seven months in August. China’s BYD, the world’s largest EV maker, last week cut its 2025 global sales target by as much as 16 per cent.

However, August was the best month yet in terms of EV and hybrid sales for Geely, Xpeng and Nio, underscoring how smaller local rivals are picking up market share in China.

Growth in other markets has partially made up for the China weakness. US demand has surged ahead of expiring tax credits and Europe has seen momentum from incentives aimed at speeding up decarbonisation.

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Global sales of battery-EVs and plug-in hybrids rose to 1.7 million units in August, Rho Motion data showed. The same month last year had benefited from subsidy-boosted demand in China.

The rate of growth was down from 21 per cent in July.

Chinese sales reached 1.1 million vehicles. European sales rose 48 per cent to about 283,453 units, while North American sales climbed 13 per cent to 201,255. Sales in the rest of the world jumped 56 per cent to more than 144,280 vehicles.

“In the US, we are expecting record sales in August and then another strong month in September; it could be another record and then likely a big drop,” Lester said.

“BYD still has the market share, and they are certainly now feeling the pressure from other OEMs,” he added. REUTERS