EVS GAIN RECORD MARKET SHARE IN E.U.

Sales rose 28pc last year with more than 1.1 million vehicles sold, data show

ELECTRIC car sales set a new market share record in the European Union last year, industry figures showed on Wednesday, as the region seeks to rid itself of fossil fuel cars.

Battery-powered electric cars accounted for 12.1 per cent of new car sales, compared to 9.1 per cent in 2021 and 1.9 per cent in 2019, according to the European Automobile Manufacturers’ Association (ACEA).

The EU has agreed to ban sales of new petrol and diesel cars from 2035 as part of the 27-nation bloc’s effort to build a carbonneutral economy by 2050.

Sales of electric vehicles (EVs) rose 28 per cent last year, with more than 1.1 million vehicles sold. These rises were notably driven by the German market, where sales accelerated at the end of the year, just before a drop in purchase bonuses.

In Norway, a record four out of five new cars (79 per cent) sold last year were electric, in a major oil-producing country that aims to end the sale of new fossil fuel cars by 2025, a decade ahead of the EU’s ban.

The Italian market was the only one to put a brake on the electric engine last year, with sales falling by 26.9 per cent.

It was also a strong year for hybrid cars, which achieved a market share of 22.6 per cent.

Traditional petrol and diesel fuelled cars continued to lose ground, despite still accounting for more than half of EU car sales last year at 52.8 percent.

Diesel, hit by heavy penalties and a shrinking offer in manufacturers’ ranges, continues on its downward slope, dropping by almost 20 per cent with 1.5 million vehicles sold.

European carmakers were investing €250 billion in their electrification, said Luca de Meo, ACEA president and chief executive of French carmaker Renault. But he said Europe needed more public charging stations, with installations limited to 2,000 per week in the EU, while 14,000 were needed weekly to ensure the continent’s transition.

“Despite many announcements and recent progress, infrastructure development is lagging behind the industry efforts,” he said.

With their high prices, electric cars are currently being purchased by “wealthy” households but that should change with the generalisation of electric cars, according to him.

While electric market leader Tesla sharply lowered its prices at the beginning of this year, De Meo warned that getting into a price war would be counterproductive, adding: “We need to invest.”