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European Alternative Fuels Observatory
News article3 July 2024

Europe’s EV Market Update for May 2024

Monthly EV update 2024 May

The European electric vehicle (EV) market experienced significant developments in May 2024, with notable shifts among leading brands and models. A total of 226,000 plug-in vehicles were registered across Europe, marking a 10% decline compared to the same period last year. This decline is more pronounced than the overall market's 3% decrease year-over-year (YoY).

Key Highlights

Tesla Model Y continued to be the best-selling EV in Europe, despite a 49% YoY drop in registrations, with 11,236 units sold. The Model Y’s major markets included the UK, France, Germany, and the Netherlands. The dip in sales may indicate that the Model Y has reached its peak market penetration in Europe, with new competition and market saturation affecting its performance.

Volvo EX30, a newcomer from China, secured the second spot with 8,262 registrations. This model is expected to peak in June but might see a decline due to increased tariffs on Chinese-made EVs. The EX30 has been well-received, especially in the Netherlands, Germany, and the UK.

Tesla Model 3 saw a 26% YoY increase, with 7,865 units sold. This boost is attributed to its recent refresh. Major markets for the Model 3 included the UK, Spain, France, Germany, and Portugal.

Audi Q4 e-tron maintained its position in the top five with 6,708 registrations, showing resilience against market fluctuations, particularly in the UK, Germany, and Belgium.

VW ID.4 made a strong comeback with 5,936 registrations, benefiting from a recent refresh. Germany, Norway, and Denmark were its top markets.

Market Trends

  • Plug-in Vehicle Market Share: The overall market share for plug-in vehicles in Europe stood at 21% for May, with battery electric vehicles (BEVs) accounting for 14%.
  • Hybrid Vehicles: Plugless hybrids were the fastest-growing technology in May, with a 15% YoY growth, representing 30% of the total market. This shift indicates a gradual move towards electrification, albeit not exclusively through fully electric vehicles.
  • Decline of Diesel: Diesel vehicle registrations dropped by 11% YoY, holding only 12% of the market. The decline of diesel is evident and suggests a phasing out well before the 2035 internal combustion engine (ICE) ban.

Brand Performance

  • Tesla: Despite a drop in May, Tesla remains the market leader with a 10.5% share, followed by BMW at 10.3%.
  • Volkswagen Group: Maintained a dominant position with a 20.1% market share, thanks to solid performances across its brands.
  • Stellantis: Faced a challenging month with an 11.7% share, dropping 1.5% compared to April.

Looking Ahead

The European EV market shows dynamic changes with new models and shifts in consumer preferences. The introduction of tariffs on Chinese-made EVs is expected to impact market dynamics significantly. Models like the Volvo EX30 and Tesla Model 3 will be closely watched to see how they navigate these new challenges.

Stay tuned to EAFO for more detailed updates and analysis on the evolving European EV landscape.


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Original article: 

@CleanTechnica, @José Pontes

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