Categories: Environment

Why are electric cars going through difficult times in Europe?

There has been some turmoil in the European electric car industry, with declining sales, a canceled IPO, and falling car prices in a span of a few weeks.

2024 is expected to be another record year for global electric car sales, but the set objectives by legislators are not being met, especially in Europe where warning signs are prevalent.

The most significant example is the registration data for the German market, the largest in Europe. After eight years of continuous growth, Germany is expected to experience a contraction in electric car sales for the first time during the acceleration of the energy transition. Similarly, the German market generally follows the trend observed within the EU in recent months.

A Market That Was Overstretched?

The National Association of Manufacturers estimates that registrations will decrease by 14% to around 451,000 units in the German market. The reasons cited include the end of government aid and the high prices of electric cars. The slower-than-expected growth of charging infrastructure and the partial recovery of rental companies, such as Hertz, are also contributing factors.

In addition to the challenges faced by the German market, electric car companies in Europe are also experiencing difficulties. Renault recently announced that its electric division, Ampère, will not be listed on the stock exchange due to current market conditions not being favorable.

The Electric Car Calendar Reversed

Volkswagen has also revised the timetable for the IPO of PowerCo, its company dedicated to batteries, in response to the slowing growth in the electric car market and the need to better evaluate its production capacity. Volkswagen has also delayed the arrival of the ID.2, showing that the transition to electric cars requires time to mature.

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