The Strategist

Global electric cars sales fall for the first time in history

09/04/2019 - 07:40

Electric vehicle sales in the world fell for the first time in history in July, according to consulting company Sanford C. Bernstein.

Sales of electric cars immediately fell by 14% to 128 thousand units

The main reason for the drop in demand is China, one of the largest car markets in the world, which has reduced subsidies for electric car purchases, Bloomberg quoted the study as saying.

Sales in China and North America decreased, but grew in Europe.

The most sold electric cars in July were American Tesla Inc. (about 20 thousand cars) and Chinese BYD Co. (about 16 thousand). The third place in sales of electric cars in July was taken by the German BMW (about 9 thousand), the fourth went to the Chinese company BAIC (about 8 thousand).

In general, in January-July, the global electric car market continued to grow and amounted to 35%. According to the results of the current year, the electric car market will grow by 23-48% to 2.4-2.9 million cars, Sanford C. Bernstein predicts.

“As expected, the market growth rate fell in July after a reduction in subsidies, but after a short-term market decline in the second half of 2019, we maintain a positive outlook on the growth of long-term demand for electric cars,” the company’s report says.