EU BEV Sales Decline For The First Time Since The Pandemic

Sales of new battery electric vehicles (BEVs) in Europe dropped by 16.9% to 160,700 units in December 2023. This was the time BEV sales slowed since the peak of Covid-19 in April 2020.

Analysts attribute the decrease to the -47.6% decline in Germany, which is the largest BEV market in the EU. The contraction is also coming from a particularly robust baseline performance in December 2022. 

In terms of volume, 2023 saw a total of over 1.5 million new BEV units, a 37% increase compared to the full year 2022.

New hybrid electric vehicle (HEV) registrations, meanwhile, are up by 26% in December 2023, compared to the same period the year before. While BEV sales dropped by almost half in Germany, hybrid sales went up 38%.

2023 saw a total of over 2.7 million HEV units sold, or a cumulative increase of 29.5% compared to the year before.

In 2023, BEVs made up 14.6% of the market share while HEVs took 25.8%.

Source: The AutoMag

Speaking of Germany, they also abruptly decided to drop EV subsidies late last year. This move could negatively impact EV sales in the region within 2024.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver Still At 90:1, What If It Snaps Back To 15:1? | Glenn Jessome – Silver Tiger

Why This Gold Run Could Be Bigger | Roger Rosmus – Goliath Resources

Majors Don’t Want to Be Left Out of This Gold Run | Mike Bennett – Altamira Gold Corp

Recommended

Japan Gold Concludes Barrick Alliance After $23 Million In Spend, Discussions Ongoing With Potential New Partners

Sage Potash Outlines US$502 Million NPV For Flagship Sage Plains Project

Related News

Giyani Metals: Are Unexplained Management Resignations A Red Flag?

Two of the four top executives at Giyani Metals Corp. (TSXV: EMM), a developer of...

Sunday, November 29, 2020, 01:37:00 PM

China Is Reselling Russian LNG To Europe As Economic Slump Leaves It With A Surplus

Energy-strapped Europe has been importing some of its liquefied natural gas (LNG) from China, with...

Thursday, September 1, 2022, 03:44:00 PM

Eurozone Economy Plunges Into Further Decline Amid New Coronavirus Lockdowns

It appears that the eurozone is headed for yet another economic contraction amid soaring coronavirus...

Tuesday, November 24, 2020, 11:15:00 AM

Tesla: Canaccord Lowers Target To $812 Off 4680 Cell Delay

Tesla Inc (NASDAQ: TSLA) founder Elon Musk has been in the news quite a bit...

Monday, June 14, 2021, 05:38:00 PM

Trump Unleashes 25% Tariff On EU: “They’re Formed To Screw The US”

In another episode on tariff threats, President Donald Trump has announced plans to impose sweeping...

Thursday, February 27, 2025, 09:32:00 AM