EVs prevail in volatile car market

New car registrations have faced a steady decline in Europe through April with the global lockdown contributing significantly, although electric vehicles (EVs) have continued to gain traction.         
EVs prevail in volatile car market
VW e-up

Europe’s sharp decrease in car registrations was only outperformed by India (-100 percent), but EV registrations have totalled  50,400 units, making up 17 percent of total market share. The fall in demand for green vehicles has mostly been due to hybrid cars, which saw a decline of 66 percent to 18,900 units. Pure electric cars registered a decrease of 29 percent to 16,700 vehicles, while Plug-in hybrids saw almost 14,000 new clients, up by 7 percent.

“Lockdown across the globe contributed significantly to the huge drop in registrations” said Felipe Munoz, global analyst at JATO Dynamics. “The only silver-lining from this turbulence is that it has created an opportunity for automotive players to reassess their operations and become more agile. EVs were already driving part of the small growth that remained in 2019. This year, as governments have acted quickly to protect their people and economies, EVs have gained even more traction and visibility due to incentives. These cars are likely to become the top choice for consumers seeking private transportation. OEMs who have invested heavily in EVs, are best placed to navigate the tough months ahead.”

Registrations of EV models from Volkswagen, Volvo, Audi and Ford have posted double-digit growth, able to gain traction arising from the Volkswagen Passet PHEV, Up BEV, Volvo V60 PHEV, XC40 PHEV, Audi E-tron, A3 PHEV and For Puma HEV. Other key models such as the Tesla Model 3, Renault Zoe and Nissan Lead registered declines of 37 percent, 47 percent and 56 percent respectively.

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