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Europe has seen a 4% decline in electric vehicle (EV) sales this year, making it the only region worldwide to experience a drop, according to recent research by Rho Motion. In August 2024, just over 180,000 EVs were sold across the European Union, European Free Trade Area, and the UK, bringing the total for the year to 1.9 million units—4% lower than the same period last year.
The report highlighted declines in both hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), which are down 3% and 5% year-on-year, respectively. Several factors have contributed to the slump in demand, including reduced subsidies for EVs and newly imposed tariffs on imported vehicles. These challenges have been compounded by high vehicle prices and a lack of sufficient charging infrastructure, both of which have discouraged consumers.
Germany, Europe’s largest automotive market, saw a significant 23% drop in EV sales, which had a major impact on the overall European figures. The UK's EV market, however, bucked the trend, reporting a 12% increase in sales. A further surge in UK sales is anticipated in September due to the introduction of new registration plates, offering some positive momentum.
Outside of Europe, China continues to lead the global EV market, with a 33% growth rate and six million vehicles sold so far this year. In August, China became the first country to sell more than one million EVs in a single month, surpassing the previous monthly sales record by 70,000 units. North America also recorded positive growth, with EV sales rising by 9% to 1.1 million units. Meanwhile, sales in other regions climbed by 29%, reaching 800,000 units.
Overall, global EV sales grew by 20% in 2024, totaling 9.8 million units. According to Charles Lester, data manager at Rho Motion, China’s achievement of one million monthly sales is expected to be repeated in the months ahead as demand typically rises in the latter half of the year. In contrast, Europe's sales have suffered for the first time, primarily due to subsidy reductions and trade barriers. The North American market remains strong, with ongoing growth in EV sales across the region.
