Electric vehicle (EV) sales in the EU dropped dramatically in August, with only 92,627 new battery electric vehicles (BEVs) registered, down 44% from the previous year.
The market share for BEVs fell to 14.4%, a significant decrease from 21% last year. Major declines were noted in Germany (-68.8%) and France (-33.1%).
This decline is attributed to the reduction of government subsidies for EVs, causing a global drop in demand.
In a broader context, overall new car sales in the EU decreased by 18.3% in August, prompting potential restructuring within automotive companies. Volkswagen announced a €10 billion cost-cutting plan, including factory closures in Germany.
Plug-in hybrid vehicle sales also fell by 22.3%, while hybrid electric vehicles saw a modest increase of 6.6%. The share of gasoline and diesel vehicles slightly decreased to 44.3%.