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.

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