Plug-In Car Sales In Europe Shrunk In May 2024
In May, plug-in electric car sales in Europe decreased by 10% year over year, which is not a good sign, especially since the overall market noted only a 3% drop.
According to EV Volumes data, shared by researcher Jose Pontes, 226,178 new plug-in electric cars were registered in Europe in May. The market share amounted to roughly 21% (compared to 23% a year ago).
A flat year in progress
After the first five months of the year, it seems that 2024 will be a flat year in Europe. Plug-in electric sales are only slightly higher than in the same period in 2023.
All-electric car registrations account for about 14% of the market (roughly 150,000 units), while plug-in hybrid registrations account for about 7% of the market. Both types noted a similar year-over-year sales decrease.
Interestingly, non-rechargeable hybrid registrations increased by 15%, capturing 30% of the market. All types of electrified vehicles (EVs, PHEVs and HEVs) had 51% of the market.
Plug-in car registrations for the month (YOY change):
* Estimated from the market share
Over 1.1 million passenger plug-in electric cars were registered in Europe during the five four months of the year. That's barely 2% more than a year earlier. The market share remains stable at about 21%.
Plug-in car registrations in January-May (YOY change):
* Estimated from the market share
For reference, over 3 million passenger plug-in electric cars were registered in Europe in 2023, 16% more than in 2022. The market share amounted to 24% (compared to 23% in 2022, 19% in 2021, and 11% in 2020).
The Tesla Model Y remains Europe's best-selling plug-in model, with 11,236 new registrations in May, but Tesla was down as a whole by 35% year-over-year. Not only that, the Volvo EX30 was not far behind with 8,262 units.
The Tesla Model 3 happened to be third, followed by four MEB-based models from the Volkswagen Group: Audi Q4 e-tron, Volkswagen ID.4, Volkswagen ID.3 and Skoda Enyaq iV.
Results for the month:
After the first five months of the year, the top three models are Tesla Model Y, Tesla Model 3 and Volvo EX30.
Results in January-May 2024:
Tesla was the most popular brand in the plug-in car segment during the first five months of the year, but the differences between the top four brands are relatively small.
In terms of automotive groups, Volkswagen Group, with a 20% share, is the lone leader. Stellantis (13.2%) is second, followed by three companies close to each other: BMW Group, Geely-Volvo and Tesla.
Top brands by share in the plug-in segment in January-May:
Top automotive groups by share in the plug-in segment in January-May: