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Electric car sales in Germany, Europe’s largest car market, fell 36.8% in July from a year earlier as global EV sales fell and Berlin ended subsidies at the end of 2023.
New registrations of electric vehicles (BEVs) in Germany fell to 30,762 in July compared with the same month in 2023, according to the latest data released by the German Federal Motor Transport Authority on Monday. July saw the biggest annual drop in electric vehicle sales since the government ended subsidies for electric vehicle purchases in December 2023.
Despite the decline in pure electric vehicle sales, the overall auto market remained relatively stable. New gasoline-powered passenger car registrations rose 0.1% in July, while diesel sales rose 1.4%.
Tesla’s new registrations in July fell 36.7% from the same month in 2023, making it one of the worst performing foreign brands in Germany last month. Renault, Hyundai, Fiat and other companies also saw sales declines in the German market in July compared with the same period last year.
Demand for electric vehicles has fallen significantly over the past year, leaving traditional manufacturers in the United States, Germany and France with overcapacity for electric models as they realize the transition to fully electrified transportation will take longer than they thought.
Earlier this year, U.S. battery electric vehicle (BEV) sales fell for the first time since the COVID-19 outbreak in 2020. As EV sales fell short of expectations, major U.S. and European manufacturers have cut EV production and are reconsidering their ambitious EV sales targets amid overcapacity.
Heightened concerns about EV capital costs, uncertainty surrounding a series of elections this year (particularly in the U.S.), and a shortage of fast-charging stations are three major factors holding back EV momentum.
Slowing global electric vehicle sales have also hurt profits this year at major EV battery makers.
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