A few European countries saw electric vehicle (EV) sales drop further in July 2024.
According to the KBA—Germany’s federal motor transport authority—registrations for battery electric vehicles (BEVs) dropped by 37% to 30,762 cars in July 2024 compared to the same month in 2023. It is the largest decline since December 2023, when the German government ended EV subsidies.
Mobility Sweden reported that electric vehicle sales dropped last month by 15% year over year. Meanwhile, in Switzerland, EV sales fell by 19% year over year.
“Well-off and eco-conscious buyers are more or less tapped out, and the industry’s lack of affordable battery models is cutting mass-market consumers out of the market,” noted Bloomberg.
EV automakers have been affected by the slump in electric vehicle sales but remain steadfast in their goals. The general consensus is that there is a demand for more affordable EVs, which automakers are striving to launch.
Nearly all major automakers in the EV market have unveiled plans for affordable electric vehicles starting around $25,000. Tesla has the Model 2 or Model Q EV coming out, which has yet to be unveiled. Earlier this year, Volkswagen shared plans for a new EV under €25,000.
However, it will still take some time before affordable EVs hit the road. A few legacy automakers have turned to hybrids to boost sales until they launch more affordable electric vehicles.
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