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Plugin vehicle registrations were up 7% year over year (YoY) globally in July, ending the month at around 1.8 million units. Once again, BEVs (+16% YoY) and PHEVs (-11% YoY) are experiencing opposite dynamics, with pure electrics firm in double-digit growth while plugin hybrids remain in deep red (since the beginning of the year).
This means that, while the plugin YTD growth remains low (+4% YoY), that is solely due to the PHEV blues (-11% YoY). BEVs are on their way back to normal (+12%).
And the different dynamics between pure electrics and plugin hybrids are reflected in the BEV vs. PHEV share of plugin sales. In July, BEVs represented 71% of all plugin sales, or about 1.3 million units, one of the best results of the past few years. That led the YTD breakdown to 71% vs. 29% in favor of pure electrics, which is their highest since 2022 (72% back then).
Let’s see what happens if we remove China and the USA from the tally, which are experiencing their own market dynamics — PHEVs in China are crashing, while in the USA, EVs are still reeling from the end of the federal tax credit (although, to be fair, Q1 was worse than Q2 — plugins dropped 40% in the former while they dropped around 20% in the latter). Excluding those two auto markets, EVs are flying high, jumping 50% YoY globally in July. BEVs surged 61% YoY.
