EVs lose market share across Europe in January

Electric vehicles (EVs) accounted for 12% of all new cars registered across Europe, last month, marking a decline in market share to levels not seen for 12 months.

Data from Jato Dynamics shows more than 1.01 million cars were registered in the first month of 2024, marking an 11% increase in new car sales.

EV volumes rose 29%, year-on-year, but the increase wasn't enough to continue the market share growth achieved in 2023.

August 2023 delivered the strongest penetration of EV sales, last year, where they accounted for 22% of all newly registered cars.

Felipe Munoz, global analyst at JATO Dynamics, said: “While interest in electric vehicles remains strong among consumers and fleets, these vehicles are no longer enjoying the same growth rate seen over the last year and a half. It is clear that a lack of affordable models alongside regulatory uncertainty continues to have an impact on mass adoption across Europe.”

Volkswagen Group registered the highest volume of electric vehicles, retaining its crown. In January it held 18% of market share of these vehicles (down from 25% in January 2023). The German maker was closely followed by Tesla, and Stellantis with 15% and 12.6% market share respectively.

January's registrations were driven by SUVs, sports cars and compact cars. 543,000 SUVs were registered – accounting for over half (52.8%) of total European registrations.

Muniz added: “It’s clear that SUVs are not losing their shine to European consumers, despite these vehicles being subject to new campaigns and regulations in certain countries."

The top 10 most registered SUVs for the month were: the Toyota Yaris Cross; Peugeot 2008; Volkswagen T-Roc; Kia Sportage; Ford Puma; Dacia Duster; Hyundai Tucson; Nissan Qashqai; Tesla Model Y; and Volkswagen Tiguan.