Summary
– Tesla Model Y was the top-selling EV model in Europe, closely followed by the Volvo EX30
– Plug-in electric car sales in Europe increased by 11% in April compared to the previous year
– Total 220,000 new plug-in electric cars were registered in Europe in April with a market share of 20%
– The Tesla Model Y remains the best-selling plug-in model, but the Volvo EX30 is rapidly growing
– Tesla was the most popular brand in the plug-in car segment, followed closely by BMW, Mercedes-Benz, and Volvo; Volkswagen Group led in automotive groups with the highest market share of 20.2%
Article
The European market for plug-in electric cars saw a slight increase of 11% year-over-year in April, with nearly 220,000 new registrations. While this growth is positive, it is lower compared to the overall market expansion. Despite the growth, 2024 is appearing to be a flat year for plug-in electric car sales in Europe, with sales only slightly higher than the previous year.
In Europe, all-electric car registrations make up about 13% of the market, while plug-in hybrid registrations account for about 7%. Combined, plug-in electric cars hold a 20% market share, with non-rechargeable hybrids making up an additional 30%. Hybrids are the fastest-growing segment, with a 29% year-over-year increase in April. The total market share for electrified models (EVs, PHEVs, and HEVs) stands at 50%.
Over 920,000 passenger plug-in electric cars were registered in Europe during the first four months of the year, making up 21% of the total market. The Tesla Model Y remains Europe’s best-selling plug-in model, although its sales weakened by 11% year-over-year. The Volvo EX30 is quickly gaining ground, with new record registrations that are very close to the Model Y. The Volkswagen ID.4 also made a return to the top models list in April.
Despite being the most popular brand in the plug-in car segment, Tesla faces competition from other brands like BMW and Volvo. The Volkswagen Group leads in terms of automotive groups with a 20% share, followed by Stellantis and Tesla. The BMW Group and Geely-Volvo are also in close competition. The Tesla Model Y leads the sales charts for the year so far, but the Tesla Model 3 is at risk of being surpassed by the Volvo EX30 in the later part of the year.
In summary, despite some positive growth in plug-in electric car sales in Europe, the year 2024 is expected to be relatively flat. The Tesla Model Y remains the top-selling model, but faces competition from the Volvo EX30 and other emerging models. It will be interesting to see how the market evolves in the coming months, with brands like BMW, Volvo, and Volkswagen Group vying for a larger share of the market.
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