Automotive Exports December 2022
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Europe’s Electric vehicle <strong>2022</strong> sales grow in<br />
Q3 despite economic challenges<br />
Following a series of economic downturns, the European electric<br />
vehicle (EV) market is showing resilience despite the prevailing<br />
macroeconomic factors that have impacted consumer spending.<br />
In particular, data acquired and calculated by Finbold on November<br />
29 indicates that as of Q3 <strong>2022</strong>, the total number of Battery Electric<br />
(BEV) and Plug-in Hybrid Electric (PHEV) new passenger vehicles<br />
registrations in Europe stood at 571,377. The value represents<br />
a quarterly increase of about 1.98% from Q2’s value of 560,266.<br />
During Q1, the region recorded a registration of 562,276 units.<br />
A breakdown of the car types indicates that BEVs stood at 355,336<br />
in Q3, slightly increasing from Q2’s figure of 322,144, while in the<br />
first quarter, the registration was 325,285. Elsewhere, during the<br />
third quarter of <strong>2022</strong>, the total registered PHEVs was 216,041, a<br />
drop from Q2’s 238,122. During Q1, the region had 236,991 new<br />
PHEV units.<br />
Notably, the total number of new passenger car registrations across<br />
Europe with an alternative fuel type recorded a quarterly drop<br />
of 2.47% to 1,265,947 in Q3. In Q2, the cars stood at 1,297,966,<br />
representing a drop of 2.88% from Q1’s 1,336,523.<br />
Drivers of Europe’s EV market growth<br />
The research acknowledged that the European EV market had<br />
grown significantly while highlighting some key drivers. According<br />
to the research report:<br />
“In general, the European EV market’s previous growth has<br />
been attributed to factors like increased income levels within a<br />
climate-conscious population, robust government support for the<br />
EV industry, and an extensive public-private partnership for EV<br />
charging infrastructure.”<br />
Despite the growth, the EV space still faces several hurdles, with<br />
the cost factor emerging as a critical obstacle. At the same time,<br />
how the prevailing economic conditions will impact the sector is yet<br />
to be seen.<br />
Read the full story with statistics here: https://finbold.com/<br />
europes-electric-vehicle-<strong>2022</strong>-sales-grow-in-q3-despite-economicchallenges/<br />
Find one of the charts below:<br />
<strong>December</strong> <strong>2022</strong> 64