Annual EV sales in Europe fall for the first time
According to the sales data of pure electric vehicles (EV) in 31 major European countries in 2024 released by the European Automobile Manufacturers Association (ACEA) on January 21, sales fell 1% from 2023 to 1,993,102 units. This is the first time that annual EV sales in Europe have fallen year-on-year. Some countries, such as Germany, have stopped car purchase subsidies, which has affected sales. The reality highlighted is that although the European EV market was established earlier than other regions, it is difficult to expand demand significantly without the support of subsidies.
As the largest EV market in Europe, Germany completely stopped car purchase subsidies in December 2023, resulting in a 27% year-on-year decline in EV sales in 2024 to 380,609 units. France excluded EVs produced in Asia from the subsidy scope in December 2023, and sales also fell 3% year-on-year to 290,614 units.
On the other hand, the UK has imposed certain zero-emission vehicle (ZEV) sales obligations on automakers since 2024, and sales have increased by 21% year-on-year to 381,970 units, with EV sales exceeding Germany for the first time. Belgium, which still maintains a car purchase subsidy system in 2024, saw sales increase by 37% year-on-year to 127,703 units, the Netherlands by 16% year-on-year, and Spain by 11% year-on-year, performing well.
Europe’s overall new car sales in 2024 were 12,963,614 units, up 1% year-on-year. In contrast to the EV stall, hybrid vehicle (HV) sales increased, up 20% year-on-year to 4,068,308 units. Plug-in hybrid vehicle (PHV) sales decreased by 4% year-on-year to 952,058 units, gasoline vehicle sales decreased by 7% year-on-year to 4,273,672 units, and diesel vehicle sales decreased by 12% year-on-year to 1,352,940 units.
By manufacturer, Volkswagen of Germany ranked first in sales in Europe in 2024, with new car sales increasing by 3% year-on-year to 3.4 million units, and market share increasing by 0.4 percentage points year-on-year to 26.3%. European Stellantis, which ranked second, saw sales decrease by 7% to 1.96 million units, with a market share of 15.2%. Following closely behind is France’s Renault (up 3%) with a market share of 9.9%, and South Korea’s Hyundai Motor (down 4%) with a market share of 8.2%.
Among Japanese companies, Toyota (up 13%), which performed well in HVs, had a market share of 7.8%, surpassing Germany’s BMW’s 7.1%, ranking fifth. Nissan Motor (up 5%) and Suzuki (up 8%) saw sales growth, while Mazda fell 6%.