European Car Makers Struggle in the Electric Vehicle Market
European automakers, including Stellantis, Mercedes-Benz, and Volkswagen, are lagging in the global electric vehicle market due to high costs and limited new models. BMW is an exception, showing significant growth in its EV segment. While plug-in hybrid sales surge, mainly driven by China, Tesla's market share declines due to high prices and tariffs.
European car makers, including Stellantis, Mercedes-Benz, and Volkswagen, are struggling in the global electric vehicle (EV) market, predominantly due to high costs and limited new models.
In July 2024, global EV sales reached 853,000, an increase of just 6% year on year.
This underperformance is particularly noticeable in Europe, as noted by Bank of America's EV Tracker report.
Major brands like Stellantis saw market share drop to 2.7%, and Volkswagen's share fell to 6.6%.
High upfront costs and concerns over range limitations are deterring European consumers from fully electric models, resulting in a 58% spike in plug-in hybrid sales, mainly driven by China.
BMW stands out among European brands, achieving a 40% increase in EV sales, while Chinese automobile manufacturer BYD surpassed Tesla with a 17.2% market share, focusing heavily on plug-in hybrids.
Tesla's market share dropped to 14.0%, influenced by higher prices and export tariffs on the Model 3.
Bank of America analysts highlight that battery electric vehicles (BEVs) need to be more affordable to gain broader market acceptance.
Projections for European BEV sales have been revised, predicting a 2% decline in 2024.
Despite ambitious EU emissions targets and a future ban on internal combustion engines by 2035, the high cost of BEVs remains a significant barrier.
In July 2024, global EV sales reached 853,000, an increase of just 6% year on year.
This underperformance is particularly noticeable in Europe, as noted by Bank of America's EV Tracker report.
Major brands like Stellantis saw market share drop to 2.7%, and Volkswagen's share fell to 6.6%.
High upfront costs and concerns over range limitations are deterring European consumers from fully electric models, resulting in a 58% spike in plug-in hybrid sales, mainly driven by China.
BMW stands out among European brands, achieving a 40% increase in EV sales, while Chinese automobile manufacturer BYD surpassed Tesla with a 17.2% market share, focusing heavily on plug-in hybrids.
Tesla's market share dropped to 14.0%, influenced by higher prices and export tariffs on the Model 3.
Bank of America analysts highlight that battery electric vehicles (BEVs) need to be more affordable to gain broader market acceptance.
Projections for European BEV sales have been revised, predicting a 2% decline in 2024.
Despite ambitious EU emissions targets and a future ban on internal combustion engines by 2035, the high cost of BEVs remains a significant barrier.
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