Electric Vehicles

207898First Contraction of EU BEV Market in 4 Years

First Contraction of EU BEV Market in 4 Years

By Simon Johns - Jan 18, 2024

Monthly registrations of new battery electric vehicles contracted for the first time in almost four years at the close of 2023, but the year-end total is far greater than the previous year, according to data compiled sby the European Automobile Manufacturer’s Association.

In December, ACEA said that new BEV sales fell by 16.9% to about 160,700 units. The explanation is strong sales in the same month of 2022, a 47% downturn in leading EU market Germany. New registration for the whole year passed 1.5 million units, representing a 37% increase over 2022. The BEVs snagged a 14.6% market share across the bloc.

Dealers are speculating that the slowdown is due uncertainty about the pace of technological development. This leaves drivers waiting until the next generation of cars comes onto the market. They also found that customers are put off by the still-high price tags, especially in the UK, according to Autotrader.

The market could heat up again as an EV price war erupted in Europe in January. Tesla dropping its prices and an influx of cheaper Chinese models should bolster demand again.

Related Topics

Electric Vehicles    Latest Headlines    

Get your FREE Lube Reports

  • Keep up to date with the global lubricants industry every week.

  • Register for FREE