Global EV sales rise in May as China hits 2025 peak -Rho Motion

Reuters

20 hours ago

June 13 (Reuters) - Global sales of electric and plug-in hybrid vehicles rose 24% in May compared with the same period a year ago, as strength in China offset slower growth in North America, according to market research firm Rho Motion.
Electric vehicle sales in China surpassed over one million units in a single month for the first time this year, driven by strong domestic demand and targeted export efforts from Chinese manufacturers, notably BYD, tapping into emerging markets.
BYD's exports to Mexico and Southeast Asia, along with Uzbekistan, have significantly boosted sales in these regions, Rho Motion data manager Charles Lester said.
Fleet incentives in Germany and robust growth in Southern Europe helped lift the European market, while the expiry of Canadian subsidies dragged on North American demand, he added.
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, new incentives, opens new tab for fleet buyers in Germany are expected to support electric car sales through the second half of the year.
Tesla's (TSLA.O), opens new tab Model Y production in Berlin shields it from tariffs, yet it faces market share pressures as production ramps up globally amidst shifting trade tensions.
President Donald Trump's stance towards emissions standards and uncertainties around tariffs has also hampered EV growth in North America.
In the U.S., tax credits for EVs are still available but will begin phasing out from 2026, contributing to hesitation among buyers.
Global sales of battery-electric vehicles and plug-in hybrids rose to 1.6 million units in May, Rho Motion data showed.
Sales in China grew more than 24% from the same month last year to 1.02 million vehicles.
Europe posted a 36.2% increase to 0.33 million units, while North American sales edged up just 7.5% to 0.16 million.
Sales in the rest of the world rose 38% to 0.15 million vehicles.
"The story this month with global vehicle sales is the continued chasm between Chinese market growth versus the faltering market in North America," Charles Lester said.