There was good news and bad news for electric vehicle (EV) makers in the European Automobile Manufacturers Association’s (ACEA) latest figures: a modest rise in monthly registrations but a dip in year-on-year volumes.
Overall, new car registrations were up in October across the EU, reversing the trend of the previous months. Registrations of battery-electric vehicles grew 2.4 percent versus September, but the year-to-date volume was significantly lower than the same period in 2023; down 4.9 percent to give it a total market share of 14.4 percent.
The ACEA blamed this drop on Germany, whose vehicle regs plunged 26.6 percent.
New car registrations for EV poster child Tesla declined 21 percent in October compared to the same period last year – marking an overall drop of 11.4 percent in the trading bloc for 2024 so far.
Plug-in hybrid car registrations fell 7.2 percent for the month, and year-to-date volumes decreased 7.9 percent – meaning the vehicles now account for 7.7 percent of the car market, down from 8.4 percent in the previous year.
Hybrid electric vehicle sales, however, look a good deal more perky. The ACEA reported registrations for last month increased 17.5 percent, with a market share now at 33.3 percent, “exceeding for the second consecutive month petrol car registrations.”
Petrol cars now account for 30.8 percent of the market, according to the ACEA, a decline from the 33.4 percent chunk they held in October last year. France led the way, with a 32.7 percent drop, while Germany reported a slight growth in petrol car registrations, up 3.7 percent.
While battery electric vehicle makers will welcome a modest monthly rise, a decline in the year-to-date volume indicates that customers are not rushing to the pure electric vehicles in great numbers when compared to hybrids.
There are several reasons for this. Battery electric vehicles are perceived as expensive compared to their traditionally powered counterparts, and the cost of running the cars is no longer the bargain it once was, thanks to rising energy costs. European nations are making progress on the charging infrastructure, yet it can be inconsistent and expensive for users without domestic facilities. And range anxiety continues to be a problem, even as battery capacity creeps upwards.
The figures from the ACEA show that, for the time being, the European market does not have a huge appetite for Battery Electric Vehicles. Increased tariffs on imports from China are unlikely to help matters. ®
