Jato has published new car registration data for 28 European markets in August 2023. The report indicates a surge in demand for Battery Electric Vehicles (BEVs).
BEVs accounted for 22% of total registrations, with almost 200,000 units sold. BEV sales grew 102%, over nine times faster than the rate of growth in gasoline car sales (11%). In spite of this, gasoline cars still represented slightly over half of new car registrations.
The overall auto market grew by 20%.
The data proves that European demand remains robust due to competitive pricing and continuous government support. BEV registrations increased dramatically in Belgium (+224%), Greece (+183%), Germany (+171%), Luxembourg (+164%), and Portugal (+164%).
Germany accounted for 44% of the total European demand. However, a recent reduction in German EV subsidies could create challenges going forward.
The influx of competitively priced Tesla models is the most notable aspect of the report. Tesla sales in Europe more than tripled in just one year. Tesla went from 10,030 European sales in August 2022 to 33,809 in August 2023, a gain of 240%.
Of the top 25 EV brands in Europe, Tesla experienced the strongest growth. According to Fleet Europe, MG was the only other automaker to experience growth of more than 100%.
If this rate of growth continues, Tesla could occupy a dominant position within the European EV market in just a few short years. Tesla is already the undisputed leader of the US market.
Despite the hype surrounding Chinese EV brands entering the European market, many Chinese brands are struggling to break through. A recent Jato report titled “Perception: The last barrier for Chinese cars” suggests that negative European perceptions remain a challenge for many Chinese brands.
Regulatory hurdles are also a challenge for Chinese EV makers. Earlier this week, the European Commission announced that it would begin an anti-subsidy inquiry into Chinese EVs.