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EV Purchases Hold Firm Amid Global Vehicle Sales Slump – AT

Battery-electric vehicles accounted for 8% of new vehicle sales in June and July of this year, while overall auto sales are set to drop 12% this month


A staff member of Chinese electric vehicle (EV) maker Nio drives a Nio car
A staff member of Chinese electric vehicle (EV) maker Nio drives a Nio car as he demonstrates to media about the operation of the new battery swapping station, at a delivery center of the company, in Nanxiang, Shanghai, China. Photo: Reuters

 

Electric vehicles sales growth may have slowed but the numbers are still positive despite widespread pessimism about the sector, ArsTechnica reported.

Battery-electric vehicles accounted for 8% of new vehicle sales in June and July of this year and remain on target to be above that figure for September, according to estimates from S&P Global Mobility, the story on the tech news website continued.

And while growth has slowed from the 50% year over year seen in 2023, the trend is still positive, the report went on, with market share increasing from 7% in the first three months of this year in a struggling vehicle market. Overall new vehicle sales are expected to drop by 12% this month.

“New vehicle sales remain stuck in neutral,” said Chris Hopson, principal analyst at S&P Global Mobility. “The overall tenor of the auto demand environment remains one of consistent, but unmotivated volume levels as consumers in the market continue to be pressured by high interest rates and slow-to-recede vehicle prices, which are translating to high monthly payments.”

Read the full story: ArsTechnica

 

  • By Sean O’Meara

 

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.