Sales of electric vehicles in Europe and other countries may slow down next year as drivers wait for cheaper models, and Germany has abandoned subsidies for electric vehicles. This is reported by UNN with reference to data from the market research company Rho Motion.
Details
Global sales of fully electric and hybrid vehicles (PHEVs) grew by 31% in 2023, compared to 60% growth in 2022.
The growth rate is slowing down, but this is what is expected in such growing markets. You can't double every year
The expert noted that in 2024, the company predicts global growth in electric vehicle sales of 25-30%. However, sales in Europe in 2024 may be affected by Germany's sudden decision last year to abandon subsidies for electric vehicles.
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Another important factor that will affect the overall performance is that, after years of accelerating growth, sales of electric vehicles in Europe and elsewhere may slow down as drivers wait for better, smaller, and cheaper models to arrive in two to three years.
In the Battery Electric Vehicle category, only 8% of sales are in the small car segment. This is set to change with the introduction of smaller models, such as Stellantis' Citroen eC3, which is due to go on sale this year.
Recall
According to BloombergNEF, global sales of passenger electric vehicles - battery electric vehicles and plug-in hybrids - will grow by 21% in 2024 to 16.7 million, with 70% of them being all-electric.
Tesla recalls 1.6 million vehicles in China due to software issues affecting the driver assistance system and door locks. The recall covers models manufactured in 2014-2023.