Strategy& – EV Sales Review, Q2 2024

This publication is a collaboration between Strategy& and PwC Autofacts, aiming to provide actionable strategies for organizations. In Q2 2024, the electrified vehicle market reached new heights, with 37% market share in 21 analyzed markets, showing a 21% growth in total EV sales compared to the previous year while ICE sales fell by 9%. China's PHEV sales saw a significant increase, contributing to the global car market's growth. Hybrid sales also saw growth in certain markets, while BEV sales varied from significant growth in Brazil and Turkey to negative growth in Germany. Analyst insights highlight the surge in Chinese exports to Europe and the response from EU regulators in the form of potential tariffs on BEVs produced in China. These tariffs could lead to reduced profit margins for Chinese OEMs and changes in market strategies in the long term to lessen the competitive disadvantage.