8:21 16 November 2024
Forecasts for Electric Vehicle Sales in Europe Revised Downward
Analysts have lowered their projections for electric vehicle (EV) sales in Europe. S&P Global now expects EVs to make up 21 percent of the European market by 2025, down from the previous estimate of 27 percent.
This adjustment raises concerns about meeting the European Union's CO₂ reduction targets. Czech Transport Minister Martin Kupka emphasized the need for a targeted action plan to prevent Europe from falling behind the U.S. and China in the automotive sector. He advocates for a more flexible EU system to help manufacturers meet ambitious CO₂ reduction goals.
Sigrid de Vries, Director General of the European Automobile Manufacturers' Association (ACEA), warned of stagnation in the EU's EV market, calling for urgent action to address high compliance costs and to accelerate the review of CO₂ emission standards.
In the first three quarters of 2024, EV sales in the EU fell by 5.8 percent y/y, with market share dropping from 14 percent in September 2023 to 13.1 percent currently.
