..the title of this article should be better phrased as The Rate of Growth of Electric Cars in Europe is Declining
...there is a difference between Growing or Growth as against Rate of Growth. Of course EV is growing everywhere, in EU no less, but the Rate of Growth is declining or shall we see waning demand, especially since the beginning of this year. Which explains the pictures of Chinese EVs piling up in European ports waiting to be sold.
...and the rate of growth does not stack up to EU EV makers expecting more after big investments, which explains their move to defer their EV plans and focusing instead on hybrids which is gaining traction.
...so while EV demand continues to be good, it has not measured up against original expectations and projections, so much so that the IEA is behind the curve now.
...you can only judge what the EV makers and lithium producers do. The uptake is losing traction, only kept up 'artificially' through short term pricing cutting from Chinese EV makers. And this, before even spectre of a bigger softening of the economy, as consumers the world over are running out of spending power and auto loans becoming more stringent.
...EVs will be the future, no denying, but existing macros suggest a more protracted yet winter hibernation/consolidation for the industry. The Number of Electric Cars in Europe is Declining: Here's the Replacement
Story by Camilla Jessen
Although electric and hybrid vehicles are both considered greener alternatives to traditional combustion engines, new figures indicate that European car buyers now prefer gasoline hybrid vehicles over pure electric cars.
This shift occurs at a time when several car manufacturers are adjusting their strategies to meet consumer needs.
The Shift from Electric to Hybrid
It's not just car buyers who are shifting their focus from electric to hybrid; manufacturers like Ford and Mercedes have also revised their earlier goals of exclusively selling electric vehicles in the EU by 2030.
"Our latest data shows a clear shift towards hybrid vehicles, as they offer a more flexible solution for many consumers," a Ford spokesperson stated. Sales Figures Speak Volumes
In March, sales of hybrid vehicles in Europe increased by nearly 13%, raising their market share from 24.4% to 29%.
Concurrently, electric vehicles saw a 5% decrease in the number of new registrations compared to the previous year, according to figures from the industry association Acea.
"This trend is unmistakable and reflects a broader movement towards hybrid technology across the continent," comments an analyst from Acea.
Local Preference for Plug-In Hybrids
In Denmark, plug-in hybrids are particularly attracting drivers, with models like the Ford Kuga leading the charge.
Volkswagen expressed surprise over this development:
"It's interesting to see how consumer trends shift, and we need to adapt our offerings accordingly," said a spokesperson from Volkswagen.
It appears that while electric vehicles are still an important part of the transition to more sustainable transportation, hybrid vehicles have become the preferred intermediate option for many European consumers on the path to full electrification.
