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June global plug-in electric vehicle sales jump: Platts Analytics

London β€” Global sales of plug-in hybrid vehicles in June were up 45% year on year at 251,800 units, with Chinese sales up 51%, likely bolstered by frontloading before the expiry of local subsidies July 1, S&P Global Platts Analytics said Wednesday.

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In the EU, sales grew 39% while in the US they were up 51%, according to the latest Platts Analytics EV Essentials report.

In the US the sales were largely attributed to Tesla, which accounted for around 20% of overall market share.

"PEV sales continue to diverge from trends in the broader, light-duty auto market," said Platts Analytics senior transportation technology analyst Zane McDonald. "PEV sales are up 51%, 39%, and 51% in June in the US, EU and China respectively, despite all three markets experiencing slowdowns in total light duty auto sales (PEVs + ICEs).

"Strong June year-on-year growth in China contrasted recent months' tempered PEV sales," McDonald added. "The June spike is derived from a frontloading in 'new energy vehicle' sales prior to July's local government subsidy elimination, with corrections likely across the third quarter. Medium-to-long term, this slowing is likely to force consolidation in the Chinese NEV market, with international joint ventures amalgamating budgets and dispersing risk."

-- Ben Kilbey, ben.kilbey@spglobal.com

-- Edited by Richard Rubin, newsdesk@spglobal.com