European BEV sales drop sharply in August 2024

According to JATO Dynamics’ data for 28 European markets, 753,482 new cars were registered in August 2024. 

This is a 16% decrease from the 899,881 units registered in the same month last year and the biggest year-on-year drop since June 2022.

Battery electric vehicle (BEV) sales in the 28 European markets fell significantly year over year to 125,000 units, a 36% decline.

“The industry will face further challenges in the coming months. Buyers are still grappling with the pressure to switch to electric, and EVs are more expensive than already-pricey combustion engine cars,” JATO Dynamics global analyst Felipe Munoz says.   

A total of 8.64 million new cars have been registered in Europe in 2024 – an increase of just 1.9% compared to last year. 

“If this trend continues, the end-of-year results could present an overall decline in vehicle registrations,” Munoz says.

BEVs suffer the most significant registration fall

The 36% BEV sales decline in August is the most significant segment to experience a drop since January 2017, when registrations were first recorded. 

“Appetite for BEVs among consumers is quickly diminishing. Many factors contribute to this, including the lack of clarity around incentives, high prices and concerns about the low residual value of EVs,” Munoz says.

The BEV market share fell from 21.8% in August 2023 to 16.6% last month. Despite the year-on-year decline, the segment recorded its highest monthly market share this year and surpassed both August 2022 and August 2021 – 3.6 points and 4.6 points lower, respectively. 

“While market share has risen from previous years, the increase is not as large as expected given the significant amount of time that has passed,” Munoz says.

The companies that suffered the most from the drop in BEV registrations were Renault Group (-64%), SAIC (-65%), Stellantis (-52%), Hyundai-Kia (-51%), and Tesla (-44%). 

Looking at the results by brand, Volkswagen suffered a fall of 46% and was outsold by BMW. Other fallers included Smart (-68%); MG (-65%); Opel/Vauxhall (-63%); Citroen (-63%); Fiat (-55%); Hyundai (-53%); Kia (-50%); and Polestar (-47%). BMW Group experienced a slight decline of 5%, whereas Geely Group and BYD registrations rose by 52% and 18%, respectively.

In contrast, the market share of Chinese carmakers (including Geely’s owned Volvo, Polestar, and Lotus) within the BEV segment increased from 10.5% in August 2023 to 15.5% last month. 

The strong performance of Chinese-made cars was primarily due to the success of the Volvo EX30 and specific BYD models. As a result, the total market share of Chinese carmakers was larger than Tesla’s at 15.3% and outperformed only by Volkswagen Group at 22.5%.