Report: Global EV Sales Fell 14% in July

Worldwide deliveries of electric passenger vehicles plunged 14% to 128,000 units in July, marking the first year-on-year drop in several years, says researcher Sanford C. Bernstein & Co.

The analysis blames the sharp decline, which reversed a 45% year-on-year gain in June, on sagging sales in China and the U.S., Bloomberg News reports.

China’s central government began reducing sales incentives on so-called new-energy vehicles at the end of June. Similar incentives in the U.S. are slowly phasing out for the market’s largest EV sellers: Tesla and General Motors.

Tesla, with about 20,000 worldwide EV sales in July, led the market, followed by China’s BYD Co. with 16,000 units.

Bernstein remains bullish about the long-term prospects of the EV market. Global sales of electrics through the first seven months of 2019 climbed 35%. The firm predicts that full-year sales will expand by 23%-48% to 2.4 million-2.9 million vehicles.