United Investment Limited - European EV sales rose over 50% from a year earlier

Electric vehicle (EV) sales in Europe increased by more than 50% year on year in July, owing to growing demand, increased availability of components, and easing supply chain restrictions.
CENTRAL, Hong Kong - Sept. 20, 2023 - PRLog -- Battery-electric vehicle (BEV) sales in the European Union (EU) increased 54.7% year on year in July, with total year-to-date sales nearing 820,000, according to figures from the European Automobile Manufacturers' Association. Belgium had the largest sales increase, with purchases increasing by more than 200%.

Meanwhile, new registrations totalled 116,000, a 60.6% increase over the previous year. The most significant gains were seen in Germany and France, the EU's two largest markets, where registrations increased by 68.9% and 32.4%, respectively.

Hybrids accounted for the vast majority of electric cars sold. In July, hybrid electric vehicles (HEVs), including plug-in variants, accounted for little more than a third of total EU auto sales, with sales increasing 31.6% throughout the union. In several of the largest markets, such as Germany, France, Italy, and Spain, they were up by double digit percentages.

In contrast, sales of completely electric vehicles accounted for just 13.6% of overall sales, up from less than 10% last summer. Standard gasoline-powered automobiles accounted for a modest majority of sales (35.8%), with diesel-powered vehicles accounting for the remaining 14%.

Total new automobile registrations, including electric, hybrid, gas, and diesel models, were up 15.2% year on year in July, or 16.7% year to far. It was the 12th month in a row of yearly growth.

Rising EV demand, reducing supply chain restrictions, and a drop in Europe's inflation rate fuelled growth. Shortages of semiconductors and other crucial components, which hampered the global auto industry in the early years of the epidemic, have started to lessen, enabling more vehicles to be produced. After peaking at 11.5% last autumn, the EU's inflation rate has decreased by almost half, relieving some strain on family budgets.

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