Electric car sales skyrocket in Europe

In the period from January to November 2023, electric vehicle (EV) sales accounted for nearly half of all new passenger car registrations in the European Union, a milestone achieved as early as November alone, according to recent data.

The European Automobile Manufacturers Association (ACEA) reported that electrified vehicles, encompassing fully electric models, plug-in hybrids, and full hybrids, represented more than 47.6% of total new passenger car registrations by November. This marked an increase from 43% during the same timeframe in the previous year.

The EU witnessed a 6.7% uptick in new car registrations in November, marking the 16th consecutive month of growth. Notably, electric vehicle registrations surged by 13.3% year-on-year. Concurrently, petrol car registrations experienced a 4.2% growth, while diesel saw a decline of 10.3%.

Specifically, registrations for fully electric cars grew by 16.4% year-on-year, amounting to 144,378 vehicles, despite a 22.5% drop in Germany, Europe’s largest EV market. Within the electrified vehicle segment, hybrid-electric cars saw a significant boost with a 28.7% increase, whereas demand for plug-in hybrids diminished by 22.1%.

Cumulatively, Germany, France, and Italy accounted for over 1.5 million hybrid-electric car registrations out of the EU’s total of approximately 2.5 million vehicles this year.

However, the ACEA cautioned in December about the EU’s potential lag behind other global EV markets, highlighting China’s dominance in the supply chain and the US government’s support for its automobile manufacturers. Some industry players, including Volkswagen and Mercedes-Benz, have expressed concerns about stagnating EV demand, with Mercedes-Benz even describing the market as “brutal” due to intense price competition and supply chain challenges.

In terms of brand performance, Volkswagen and Renault saw increases of 11.4% and 6.1%, respectively, in November registrations, whereas Stellantis experienced a decline of 7.3%. Tesla, under Elon Musk’s leadership, witnessed a remarkable 45% surge in registrations, accounting for nearly 22% of all fully electric car registrations in the EU that month.

Overall, the ACEA disclosed that new vehicle registrations in November across the EU, Britain, and the European Free Trade Association grew by 6%, reaching 1.08 million vehicles.