Summary
- June saw record results for both the MG4 and Volvo EX30
- 294,000 plugin vehicles were registered in Europe in June, with a 5% year-over-year decrease
- BEVs remained flat while PHEVs saw a 15% decrease in sales
- Germany’s end of subsidies affected plugin sales in the country
- The top 5 plugins in June were the Tesla Model Y, Tesla Model 3, MG4, VW ID.3, and Volvo EX30
Article
In June, both the MG4 and Volvo EX30 reached record results in terms of registrations in Europe. Despite this, the overall plugin vehicle market in Europe experienced a 5% year-over-year decrease, contrasted with a 4% increase in the overall market. BEVs remained flat year-over-year, while PHEVs experienced a 15% decrease. Factors affecting these numbers include a tariff increase for Made-in-China BEVs, leading to a sales rush for MiC models like the MG4 and Volvo EX30. Additionally, Germany’s end-of-subsidies situation contributed to a decline in plugin sales, especially BEVs.
The European car market saw plugless hybrids being the fastest-growing technology in June, with a 24% year-over-year growth. With plugless hybrids and plugin vehicles representing 52% of the total market, the decline in petrol and diesel vehicles was noticeable. Diesel vehicles accounted for only 11% of the European passenger car market in June 2024, indicating a trend towards the demise of diesel vehicles by 2028. The plugin vehicle market share in Europe was 22% in June, with full electrics/BEVs contributing 16% to this share by the end of the month.
June’s top 5 plugin vehicles in Europe included the Tesla Model Y, which continued to be the best-selling EV despite a 28% year-over-year decrease in registrations. The Tesla Model 3 experienced an uptick in performance, achieving its best result since March 2022 with 20,829 deliveries. The MG4, VW ID.3, and Volvo EX30 also had strong performances in June, benefiting from factors like the MiC tariff increase and refreshed models. The European market saw several models achieving year-best results, with BEVs from Volkswagen Group and others shining in the market.
Looking at the rankings for 2024, the Tesla Model Y held a significant lead over the competition, while the Tesla Model 3 secured the runner-up position. Volvo’s EX30 and the Audi Q4 e-tron were also strong contenders in the top rankings. The European plug-in auto brand ranking showed Tesla maintaining its leadership position, with BMW, Mercedes, and Volvo following closely behind. Volkswagen Group led in the automotive group ranking, with Stellantis facing challenges and Tesla rising to the runner-up position. Other automakers like BMW Group and Geely-Volvo experienced minor drops in market share.
Overall, the European plugin vehicle market in June showcased a mix of factors influencing sales performance, from tariff increases to end-of-subsidy situations. The market saw strong performances from various BEV models, with some achieving record results. Looking ahead, it will be interesting to see how automakers adapt to changing market dynamics and regulations to maintain their positions in the evolving electric vehicle landscape.
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