Global EV sales jump 24% in June though North American market struggles, research firm says
electric vehicles
maintained momentum in China and Europe, market research firm Rho Motion said on Tuesday.
Still, EV sales in the United States were down 1% in the month and will struggle to pick up this year, after President Donald Trump's spending bill cut tax credits sooner than anticipated, Rho Motion's data manager Charles Lester said.
North America, also weighed by slowing sales in Canada, lagged for the first time behind the "rest of the world" countries, which include emerging markets in Southeast Asia and South and Central America, Lester said.
WHY IT'S IMPORTANT
Global automakers face a 25% import tariff in the United States, the world's second-largest car market, causing many of them to withdraw their outlooks for 2025.
In Europe, incentives for retail and fleet buyers in key markets such as Germany and Spain, alongside a growing availability of cheap EVs, are expected to support electric car sales through the second half of the year.
While some of the most successful EVs in the small vehicle segment are produced by European carmakers such as Volkswagen and Renault, those by Chinese brands including BYD are taking up market share in the continent and driving growth in emerging markets, Lester said.
BY THE NUMBERS
Global sales of
battery-electric vehicles
and
plug-in hybrids
rose to 1.8 million units in June, Rho Motion data showed.
Sales in China jumped 28% from the same month last year to 1.11 million vehicles.
Europe posted a 23% increase to about 390,000 units, while North American sales fell 9% to over 140,000.
Sales in the rest of the world surged 43% to exceed 140,000 vehicles.
KEY QUOTE
"There's been reports over the last few months of a slowdown potentially in China" due to some cities running out of subsidies, Lester said.
"But overall, we'd expect in (the second half) for more subsidy amounts to be available," leading to a "big boost" in volumes towards the end of the year, he added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
12 minutes ago
- Time of India
'We're way ahead of China...': Trump rallies big tech and energy executives for AI race - The Economic Times Video
President Donald Trump joined executives from some of the largest US tech and energy companies for a summit in Pittsburgh on Tuesday (July 15), as the administration prepares new measures to power the country's expansion of artificial intelligence. Trump told an energy summit at Carnegie Mellon University that the United States would be fighting China "in a very friendly fashion." The Energy and Innovation Summit brought together leaders from companies including Meta, Microsoft, Alphabet, and Exxon Mobil to discuss positioning the U.S. as a global leader in AI. The gathering highlighted the growing intersection of technology, energy, and geopolitics as AI becomes critical in sectors ranging from corporate boardrooms to defense. Trump and the summit's host, U.S. Senator Dave McCormick of Pennsylvania, touted some $90 billion in AI and energy investments in the state. 'This is a really triumphant day for the people of the Commonwealth and for the United States of America, we're doing things that nobody ever thought possible,' Trump told attendees. Trump has launched a global trade war in recent years, imposing tariffs of at least 10% on many nations and even steeper duties on others, part of a broader effort to reshape global trade and outcompete China in critical sectors like AI.
Hans India
12 minutes ago
- Hans India
India's trade deficit narrows to $18.78 billion in June
New Delhi: India's trade deficit for June this year narrowed to $18.78 billion, compared to $21.88 billion in May, according to data released by the Commerce and Industry Ministry on Tuesday. India's exports growth remained flat at $35.14 billion in June as against $35.16 billion same month last year. While the country's imports declined by 3.71 per cent to $53.92 billion in June as against $56 billion a year ago, according to the data. Meanwhile, the trade in services showed an estimated surplus of $15.62 billion in June, with services exports at $32.84 billion and imports at $17.58 billion. Total exports of merchandise goods and services were $67.98 billion in June, while imports of goods and services were $71.50 billion. The net trade deficit was $3.51 billion in June. Commerce Secretary Sunil Barthwal told reporters last month that global conflicts and uncertainties are impacting Indian exports, though the government is proactively working with exporters to address their concerns regarding shipping and insurance. The trade data comes amid ongoing trade talks with the US and other global partners. The US is seeking broader market access for its agricultural and dairy products, which is a major hurdle as for India, this is a livelihood issue of the country's small farmers and hence is considered a sensitive area. While India is looking to secure an exemption from US President Donald Trump's 26 per cent tariffs by concluding an interim deal before July 9, it is also pushing for significant tariff concessions for its labour-intensive exports such as textiles, leather and footwear. Meanwhile Trump has announced that the US administration will start sending letters informing trading partners of their tariff rates as soon as Friday, even as negotiations with various countries including India to avoid higher US levies have stretched into the last lap. India's trade performance in Q3 FY25 (October–December 2024) reflected cautious resilience amidst geopolitical volatility and shifting global demand, according to the NITI Aayog quarterly report released on Monday. Merchandise exports registered a year-on-year growth of 3 per cent, reaching $108.7 billion. The export composition remains stable; aircraft, spacecraft and parts entered the top ten exports surging by over 200 per cent year-on-year due to increased demand from Saudi Arabia, the UAE, and Czech Republic, the report states.
Time of India
22 minutes ago
- Time of India
ASML drags European stocks lower amid tariff worries
European shares slipped on Wednesday, with ASML leading losses after a weak business update, while broader investor sentiment remained cautious on concerns over tariff-driven inflation following stronger-than-expected U.S. inflation data . The pan-European STOXX 600 index fell 0.3% to 543.38 points, as of 0712 GMT. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo ASML fell 6.7% after the world's biggest supplier of computer chip-making equipment warned that it may not achieve growth in 2026, even after its second quarter bookings beat market expectations. The latest earnings forecasts showed on Tuesday that the outlook for European corporate health has deteriorated as U.S. President Donald Trump's most recent tariff statements created further uncertainty for businesses. Additionally, the U.S. CPI reading weighed on market sentiment, renewing worries over tariff-induced inflationary effects. Live Events Across the Atlantic, focus now turns to producer price data later in the day for further clues on the impact of tariffs on the world's largest economy. In trade, investors awaited for clarity on U.S.-EU trade talks as the bloc readied retaliatory measures if negotiations with Washington failed. In the market, European technology stocks declined 1.4%, while auto stocks fell about 1%. Data showed on Tuesday, Britain's annual rate of consumer price inflation unexpectedly rose to its highest in over a year at 3.6% in June, up from 3.4% in May.
