Global EV Boom Loses Steam — China’s Growth Cools In August, But A Rebound Could Be Coming

Global sales of fully electric and plug-in hybrid vehicles rose 15% in August compared to the same month a year earlier, marking the slowest growth rate since January, as tougher comparisons weighed on demand.

China, which accounts for more than half of global EV sales, cooled sharply with growth of just 6% after averaging 36% a month in the first half of the year, Reuters reported, citing Rho Motion data manager Charles Lester. Sales there are still expected to strengthen in the fourth quarter as new funds become available for subsidy schemes and seasonal demand typically improves.

Worldwide EV sales reached 1.7 million units in August, down from a 21% increase in July. Chinese sales totaled 1.1 million vehicles, European sales rose 48% to 283,453, North America climbed 13% to 201,255, and the rest of the world jumped 56% to more than 144,280.

China’s overall car sales slowed to the weakest in seven months. BYD, the world’s biggest EV maker, scaled back its 2025 global sales goal by up to 16%, even as smaller competitors Geely, Xpeng and Nio enjoyed their strongest month yet. 

Meanwhile, surging U.S. demand ahead of tax credit changes and fresh incentives in Europe helped balance out China’s slowdown.

Lester said U.S. EV sales could set back-to-back records in August and September before likely cooling in the final months of the year. “BYD still has the market share, and they’re certainly now feeling the pressure from other OEMs,” he added.

On Stocktwits, retail sentiment was 'bearish' for BYD, Xpeng and Nio, while Geely drew a 'neutral' view. Message volume across all four stocks was 'low'.

So far this year, U.S.-listed stocks of BYD are up 21.6%, Xpeng has surged 74.1%, Nio has gained 39.2%, and Geely has advanced 30.9%.

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