Summary
- August saw a steep drop in plugin vehicle registrations in Europe, despite an overall market decline
- The drop in BEV sales is largely due to inflated numbers from August 2023
- Excluding Germany from the tally shows BEVs outperforming PHEVs, petrol, and diesel vehicles
- Several markets in Europe, such as Denmark, Belgium, and the Netherlands, showed growth in BEV sales
- The plugin vehicle market share in Europe was 25% in August, with BEVs alone accounting for 17%
Article
In August, Europe saw a drop in plugin vehicle registrations, with BEVs down by 34%. However, when excluding Germany from the data (as their numbers were skewed by end-of-subsidy sales in 2023), BEV sales only decreased by 10%. This performance was actually better than PHEVs, petrol, and diesel cars, staying above the overall market decline. Markets like Denmark, Belgium, and the Netherlands showed growth in BEV sales, indicating a more positive trend for electric vehicles in Europe.
In terms of vehicle segments, Europe is seeing a shift with plugins only dominating the midsize segment. Tesla’s Model Y and Model 3 have claimed the top spots, while Asian brands have taken over segments previously dominated by European brands. The rise of crossover/SUV models and a focus on value for money is influencing consumer preferences. Seismic changes are expected in the market as more affordable models enter the scene, challenging traditional brand dominance.
The top-selling models in August included the Tesla Model Y, Volvo EX30, Skoda Enyaq, Tesla Model 3, and Audi Q4 e-tron. Tesla continues to lead the market, but faces increasing competition and slight declines in sales. BMW’s iX1 and i4 models are also performing well, pushing the brand up in the rankings. The Ford Kuga PHEV and VW ID.7 also made strong showings in August, hinting at potential shifts in the market.
Looking at the overall brand ranking, Tesla is still dominant but facing challenges from BMW, which is only 0.8% behind in market share. Volkswagen is recovering from a rough first half of the year, aiming to regain its position in the top three. Volvo is the only brand showing positive growth in a sea of double-digit drops, highlighting the success of Chinese-owned brands in the European market.
In terms of automotive groups, Volkswagen Group remains in the lead with a stable market share. BMW Group has moved up to second place, benefiting from the success of its electric models. Stellantis has dropped to third place, while Geely-Volvo and Mercedes-Benz Group round out the top five. The market is experiencing shifts as electric vehicles gain momentum and consumer preferences evolve, creating opportunities for brands that can provide value and innovation in the evolving automotive landscape.
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