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Seven million electric vehicles were sold globally in the first half of 2024, which is 20% growth

over the same period in 2023.

Only 1.5 million of those sales were in Europe, according to the research firm Roe Motion,

which amounts to only 1% growth compared to the same period in 2023.

While growth was positive in Italy, France and the UK, where there's strong government EV incentives,

EV sales in Germany, the largest passenger car market in Europe, fell by 18% in the second quarter

of 2024.

EV sales in the United States grew by 10%, which sounds okay, but these statistics include plug-in hybrid vehicles.

And according to PWC, much like in Europe, most of the sales growth seen this year can be explained by growth in hybrid sales, which grew by 28% year-on-year in the United States.

So where did the 20% global growth come from then? by 28% year on year in the United States.

So where did the 20% global growth come from then?

Well, mostly from China, where EV sales grew 30% in the first half of 2024.

But once again, that figure includes plug-in hybrids.

And plug-in hybrids have seen a surge in sales in China, where 60% of the EVs sold

by BYD were actually hybrids.

EV manufacturers, who are priced for massive growth, don't appear to be growing, and the

problem may be that most car buyers don't want an electric vehicle.

An interesting data point is that the markets where EVs have traditionally done best

are showing the sharpest downturn in sales.

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