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Automotive Industry
Jato released new car registration figures in August 2023 for 28 European markets, showing record demands for BEVs (Battery Electric Vehicles).
BEVs represented 22% of total registrations, equaling 196,000 units out of almost 900,000. The overall market rose by 20%, with the volume of electric cars increasing by 102% and gasoline by a mere 11%. That said, gas cars still account for over half (53%) of registrations.
Felipe Munoz, Global Analyst at JATO Dynamics, commented: “Although the current industry debates often point towards a slowdown in growth for BEVs, our data shows that growth in demand remains strong due to their increasingly competitive pricing and continuous support from governments across Europe.”
Chinese brands still have work to do
BEV registrations posted strong growth across Belgium (+224%), Greece (+183), Luxembourg (+164%), and Portugal (164%). With 171% registration growth in Germany, this country accounted for 44% of the European total demand. Munoz, added: “With an influx of Tesla models and the introduction of BEVs from Chinese OEMs – both of which are battling to produce competitively priced vehicles – demand for EVs across Europe is booming.”
Despite the hype surrounding the Chinese EV brand’s invasion of Europe, many struggle to gain traction against established brands like Tesla. MG’s sales climbed the rankings in August. Still, in a report entitled Perception: The last barrier for Chinese cars, Jato suggests that many Chinese brands struggle to overcome negative European perceptions.