The top-selling EV model during Q1 2023 was the Tesla Model Y, followed by the Volvo XC40, Tesla Model 3, Volkswagen ID.3, and Audi Q4 e-tron. Nevertheless, we expect Chinese automakers to be able to enhance their market share in the coming quarters by offering cost-effective vehicles with advanced features, as the EV market is expected to perform better.” On the other hand, LYNK & CO, Hongqi and Xpeng faced challenges in the European market. However, MG, BYD, NIO, ORA and Aiways managed to improve their sales compared to the previous year. “ Chinese EV manufacturers struggled to increase their market share in Europe during the quarter. In the plug-in hybrid electric vehicle (PHEV) market, Volkswagen takes the lead, followed by Mercedes-Benz and BMW.” When it comes to pure electric vehicles (BEVs), Tesla holds the second position, slightly behind Volkswagen. They accounted for nearly two-thirds of the market share. These initiatives are being undertaken before placing a stronger emphasis on pure EV sales.Ĭommenting on the market dynamics, Senior Analyst Soumen Mandal said, “In Q1 2023, most European EV sales were captured by the top five automotive groups – Volkswagen Group, Tesla, Stellantis, Mercedes-Benz and Hyundai-Kia. This indicates that Europe is making efforts to tap into the lower-end EV market while simultaneously developing battery ecosystems and fostering a circular economy. Meanwhile, there has been notable progress in the European market for Hybrid EVs ( HEV) and mild-hybrid EVs ( MHEVs). Consequently, the EV share of total passenger vehicle sales declined during the quarter from that a year ago. In Q1 2023, Battery EV (BEV) sales jumped 32% YoY while plug-in hybrid EV (PHEV) sales declined 13% YoY. Meanwhile, the share of EVs in total passenger vehicle sales was the highest in Norway and the Netherlands. In terms of overall EV sales, Germany led the pack, closely followed by the UK, France, Italy, the Netherlands and Norway.
While overall passenger car sales in Europe are showing signs of improvement, they have not yet reached pre-COVID-19 levels. London, New Delhi, S an Diego, Buenos Aires, Hong Kong, Beijing, Seoul – July 5, 2023Įurope’s passenger electric vehicle* (EV) sales increased by more than 13% YoY in Q1 2023, according to the latest research from Counterpoint’s Europe Passenger Electric Vehicle Model Sales Tracker. EV sales penetration is expected to exceed 25% again by the end of the year.Tesla Model Y was the best-selling EV model across all major countries except Spain.EV sales penetration dropped to 18.4% in Q1 2023 from 27.6% in Q4 2022.
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