Summary
- 220,000 plugin vehicles were registered in Europe in July, with BEVs performing slightly better than PHEVs
- Factors influencing the market include a sales hangover from the announced tariff increase for Made-in-China BEVs and the end of subsidies in Germany
- The VW ID.4, Tesla Model Y, Volvo EX30, Audi Q4 e-tron, and Tesla Model 3 were the top 5 selling plugin vehicles in July
- Tesla remains dominant in the market but faced a slight decline in sales, while BMW, Volvo, and Volkswagen are also performing well
- The Volkswagen Group leads in market share, with Tesla dropping to third position behind Stellantis and BMW Group
Article
In July, 220,000 plug-in vehicles were registered in Europe, marking a decline of 6% compared to the previous year. This decline was in contrast to the overall market experience, which saw a growth of 2% year over year. Battery electric vehicles (BEVs) performed slightly better than plug-in hybrid vehicles (PHEVs) in terms of sales decline. The market experienced a sales hangover from a small rush in June due to an announced tariff increase for Made-in-China BEVs, but the impact was not as severe as expected.
The end of government subsidies in Germany has negatively impacted the plug-in vehicle market, particularly for BEVs. Germany is the largest automotive market in Europe, and its struggles in 2024 are affecting the continent as a whole. In July, plug-in vehicles accounted for a 21% share of the European auto market, with BEVs making up 14% of that share. The top-selling electric vehicle in Europe for the month was the Tesla Model Y, followed by the Volvo EX30, Audi Q4 e-tron, VW ID.4, and Tesla Model 3.
Looking at the overall rankings for 2024, the Model Y is expected to maintain its lead as the best-selling electric vehicle, followed by the Model 3 and the Volvo EX30. Despite the challenges in the market, Tesla continues to dominate in sales, although its YoY growth has decreased compared to previous years. Other brands like BMW, Volvo, and Volkswagen are also performing well in the plug-in vehicle market in Europe.
The ranking by automotive groups shows that Volkswagen Group has a comfortable lead with a 20.4% share of the market. Tesla, Stellantis, and BMW Group follow behind, with Stellantis experiencing a drop in share in July. BMW Group has seen an increase in market share, thanks to the success of models like the iX1 and i4. Geely-Volvo and Mercedes-Benz Group round out the top five automotive groups in the European plug-in vehicle market.
As the market continues to evolve, it will be interesting to see how brands and models fare in the coming months. Competition is increasing, with new models entering the market and existing ones facing challenges like tariff increases and the end of subsidies. Overall, the plug-in vehicle market in Europe is dynamic and rapidly changing, with different factors influencing sales and market share for various brands and models.
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