The European electric vehicle (EV) market saw a significant decline in August, with a total of 184,800 new EVs hitting the roads, marking a 30% drop compared to the previous year. This decrease included a 34% slump in battery-electric vehicle (BEV) sales and a 19% decline in plug-in hybrid (PHEV) deliveries. In contrast, the overall new-car market also experienced a 17% decrease during the same period.
Despite the decline, plug-in models managed to capture a 24% share of the new-car market in August, with BEVs alone accounting for 17% of registrations. However, the performance of EVs in the first eight months of the year showed a slight decrease compared to the previous year, with EVs capturing 22% of the new-car market and BEVs holding a 14% share from January to August.
The drop in EV deliveries in August was largely influenced by an abnormal market situation in Germany in August 2023. Commercial buyers rushed to purchase BEVs before subsidies for the technology ended in September, leading to a significant increase in all-electric vehicle sales. Excluding Germany from the results this year, the decline in BEV sales would have been much lower at just 10%.
Despite the overall decline in the market, BEVs outperformed PHEVs, petrol, and diesel vehicles in August when Germany’s results were excluded. BEVs also displayed growth in countries like Denmark, Belgium, and the Netherlands, showcasing a positive trend amidst the broader declining market.
In terms of best-selling EVs in August, the Tesla Model Y maintained its lead, with 13,586 registrations, followed by the Volvo EX30 and the Skoda Enyaq. The Audi Q4 e-Tron also saw positive performance, securing fifth place with 4,353 deliveries.
Looking at the year-to-date figures, the Tesla Model Y continued to dominate the European EV market, with over 127,000 registrations between January and August. The Model Y held a significant lead over other models, including the Tesla Model 3, the Volvo EX30, and the Audi Q4 e-Tron.
Overall, despite the challenges faced by the European EV market in August, certain models like the Tesla Model Y, Volvo EX30, and Skoda Enyaq showed resilience and maintained their positions as top performers in the EV segment. With ongoing developments in EV technology and market dynamics, it will be interesting to see how the European EV market evolves in the coming months.
