The number of EVs sold across Europe fell by 3% to 3m during 2024, according to the latest data. This has come after the withdrawal of government tax breaks triggered a collapse in sales across Germany. The drop in Europe compared to a 40% surge in China, where 11m EVs were purchased. Sales across North America also rose 9% to 1.8m.
The growth in the US could largely be attributed to consumer subsidies, such as those handed out to buyers under Joe Biden’s Inflation Reduction Act and the greater electric car uptake in the UK is a result of the UK’s zero-emission vehicle (ZEV) mandate, which required at least 22% of carmakers’ sales to be electric in 2024. This has led to sales in the UK being a relative bright spot in Europe with sales rising 20% to more than 400,000 units and leading Britain to overtake Germany as Europe’s biggest EV market.
Source: MSN: Read The Article
PSR Analysis: This significant drop has led to calls on the German government to reinstate the subsidies urgently, but nothing is likely to change until after the German election Feb. 23 this year. However, this does suggest a possible future for the US EV market if President Trump makes too many changes to the IRA subsidies. PSR
Guy Youngs is Forecast & Adoption Lead at Power Systems Research
