11:19 am, July 22, 2024
Analysis of the European electric vehicle market by JATO Dynamics has revealed ‘worrying signs of deceleration’ during the first half of 2024.
According to the industry experts, new passenger car registrations increased by just 4.4% between January and June 2024 compared with the same period in 2023, with volume increasing from 6,559,213 units in H1 2023, to 6,847,842 units in H1 2024.
Despite the increase in new electric passenger car registrations, though, JATO Dynamics believes that Europe’s growth is becoming more moderate and a long way off the rapid upward trajectory witnessed before the pandemic.
Felipe Munoz, global analyst at JATO Dynamics, which sponsors the Car Dealer Podcast, said: ‘Since the semiconductor shortage, electric vehicles have been the main driver of growth.
‘It’s therefore vital that over the next six months, the industry does all it can to dispel uncertainty surrounding the EV market, including how EU tariffs on imported electric cars from China will impact the affordability of these vehicles.’
Source: JATO Dynamics
There have been some clear winners and the data shows that sales of Chinese-made EVs in Europe has been steadily increasing, with the JATO Dynamics figures revealing registrations of electric cars from Chinese brands totalled 70,000 units, which marks an increase of 26% versus H1 2023.
Some of the most notable decreases in market share were suffered by the Volkswagen Group, which experienced a 14% lower volume than the same period in 2023.
Despite this, though, Volkswagen remained the best-selling overall brand in Europe during H1 2024.
Tesla also remained top of the battery-electric vehicle registration charts, with both its Model Y and Model 3 taking the top two spaces.
But the former saw those figures drop by 26% when compared with the same sales period last year.
This has clearly been impacted by some of the newer players on the scene, with the Geely Group – the owner of Volvo, Polestar and Lotus – increasing its BEV registrations by 52% versus H1 2023, outselling Hyundai-Kia, Mercedes, and Renault Group.
This growth came thanks to strong results posted by the Volvo EX30 – Europe’s third best-selling electric vehicle.
Source: JATO Dynamics
Despite only having one vehicle in the top 10 best-selling BEVs of H1 2024 (the iX1), BMW also managed to gain serious ground during the period, securing an almost 10% share within the BEV market – up from 7.5% in H1 2023.
‘Measures taken by the European Union to impose tariffs on BEV imports from China target models that accounted for 17% of BEV registrations in Europe during H1 2024, excluding potential units imported by Tesla,’ Munoz added.
‘It’s clear that China has significantly helped to drive growth in the market. Without these competitive prices coming from China, consumers will face higher prices, meaning we could see demand fall over the next few months.’
