Registrations of new battery electric vehicles (BEVs) in Europe fell by 36% year-on-year, marking the largest decline since 2017. A total of 125,070 BEVs were registered in August, contributing to a market share drop from 21.8% to 16.6%.
Key factors include high prices, unclear incentives, and concerns over EV residual values. Major manufacturers like Renault, SAIC, and Tesla experienced significant declines, with Tesla's registrations down by 44%.
Conversely, Chinese carmakers increased their market share from 10.5% to 15.5%, bolstered by strong sales of the Volvo EX30 and BYD models. The overall car market saw 753,482 new registrations in August, a 16% decrease from the previous year.
Despite the downturn, the Dacia Sandero emerged as the top-selling model, with 15,653 units sold. The Volvo EX30 became the second best-selling BEV in August, reflecting a shift in consumer preferences.