news-29102024-075631

Electric Car Sales Show Positive Growth in Europe

In September, electric car registrations saw an increase in Europe. Nearly 140,000 electric cars were sold last month on the continent, marking a significant rise of almost 10%. During the same period, electric cars accounted for 17.3% of total sales, getting closer to the 21% to 22% target set by the industry to meet the EU’s CO2 standards by 2025 and avoid heavy fines.

However, it remains to be seen whether this trend will continue and if the consumer’s recent disinterest in electric cars, which has been evident since the summer, has come to an end. The overall registration numbers have not been impressive since the beginning of the year. According to ACEA data, sales volumes of new electric cars have declined by nearly 6% from January to September, with a market share of 13.1%, lower than the previous year’s 14%.

The decrease in sales is attributed to Germany, where electric car sales plummeted at the end of 2023 when the government discontinued purchase incentives. This is why the European car manufacturers’ lobby is refraining from celebrating. The General Director of ACEA, Sigrid de Vries, emphasizes that “today’s figures show that we are still far from the thriving electric market that Europe needs.” She stresses the need for steady and substantial monthly growth in the electric car market, especially at this critical stage of technology development.

ACEA is advocating for a revision of the EU’s CO2 emission regulations for new cars by 2025. Luca de Meo, the president of ACEA and Renault’s CEO, warns that failure to act could result in billions of euros in penalties for manufacturers. He has successfully persuaded the French government to support this initiative in Brussels, much to the dismay of Stellantis’ CEO, Carlos Tavares, who argues that the rules should remain unchanged to maintain fair competition.

While total car sales have remained stable since the beginning of the year, approaching 8 million units, they are still significantly lower than pre-Covid levels. Hybrid vehicles are gaining popularity, with a market share of 32.8%, surpassing traditional gasoline cars whose market share continues to decline to 29.8%. This shift indicates that the energy transition is underway, albeit slowly.