EV crisis? Yes, but there's good news

Despite declining sales, 2024 will see growth in registrations over 2023.

By: Riccardo Ciriaco

Nov 17, 2024 at 4:40am ET

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It was the autumn of 2023 when the specialist media first reported on the global slowdown of EV sales, victim of reduced demand, cancellation of incentives and, to a certain extent, downsizing of production and postponement of electrification plans.

Today, a year later, the industry's crisis is in the headlines in all the media, from newspapers to news sites and radio. But what exactly do these figures say? The numbers are in a chiaroscuro because they confirm both the market contraction and the industry growth.

Up and down

Indeed, according to BloombergNEF, there will be 16.7 million registrations of fullly electric and plug-in hybrid cars worldwide this year, up from 13.9 million units in 2023. At the same time, there will be a decline in growth rates (+20.1 per cent against +33.6 per cent last year in comparison with 2022).

Electric car sales worldwide from 2017 to 2024

The market for full electric and plug-in hybrid cars

The 2024 slowdown

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This is due - on the one hand - to China, where "plug-in" vehicles account for more than 50 per cent of deliveries, thanks mainly to plug-in hybrids and range extenders, and - on the other - to Europe and Japan. Here, the electric cars are going into reverse, with Germany even at -61 per cent in August.

Watch out for 2025

The hope for a recovery on the Old Continent is pinned on 2025, when the new EU limits on vehicle emissions will come into force and when manufacturers will begin to offer cheaper models such as the Fiat Grande Panda, Renault 4 and 5 and Hyundai Inster. The US is expected to lag behind, while the global market share will be around 20 per cent.

Source: BloombergNEF