China Sells 1M EVs in a Month
The researcher says the 2022 Inflation Reduction Act, which promotes domestic and clean energy, including tax breaks for EV purchases, has helped increase U.S. EV sales.
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China reached an automotive milestone in August, selling more than a million electric vehicles for the month, according to research provider Rho Motion.
The deliveries high point surpassed China’s previous record, set in December, by 70,000 units, the EV- and renewable energy-focused company said.
Headed in the other direction so far in 2024, Europe is down 4% year-over-year through August in what Rho Motion said is the first EV sales shrinkage in any region. It cited a series of EV subsidy reductions and trade barriers as the reasons for the drop.
China, meanwhile, is up 33% year to date, according to Rho Motion, while the U.S. and Canada are up 9%, and worldwide sales are up 20%.
“We anticipate this milestone to be reached multiple times before the end of the year as sales typically surge in the latter half of the year,” said Rho Motion Data Manager Charles Lester. “Meanwhile, continued subsidy cuts and trade barriers in Europe are having a negative impact on sales.”
He added that in the U.S., the fall presidential election could have a “major impact” on stateside EV sales. The growing segment has become a political issue in some circles here, and many domestic automakers and those abroad are shifting toward more hybrid production.
The 2022 Inflation Reduction Act, which promotes domestic and clean energy, including tax breaks for EV purchases and leases, has helped increase EV sales here, said Rho Motion Automotive Lead Will Roberts.