Europe’s EV Boom Accelerates as Chinese Brands Gain Ground
Europe’s EV Boom Accelerates as Chinese Brands Gain Ground What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Electric vehicle sales, increasingly featuring Chinese vehicles, led an overall increase in car sales in Europe last month, with gasoline and diesel cars booking declines amid higher prices at the pump.
Car registrations, as reported by the European Automobile Manufacturers’ Association, gained 3.6% in May, with the sales increase over the first five months of the year at 4.5%, Reutersreported.
Earlier figures,releasedby E-Mobility and New Automotive, showed a strong, 34% annual increase in European sales of electric vehicles for May.
According to EAMA, the increase in EV sales in May stood at 39.1%, with plug-in hybrids gaining 13.2%, and hybrid car sales rising by 8.2%.
“The market continued to benefit from robust consumer demand for a range of electrified technologies across key European markets, sustained by new and revised tax benefits and incentive schemes,” the European Automobile Manufacturers’ Association said.
In terms of manufacturers, Chinese EV makers were the biggest winners.
Companies including BYD, Leapmotor, Chery, and Geely saw their European sales soar by 465% for Leapmotor, 244% for Chery, and 137% for BYD.
Europe’s own carmakers posted modest sales declines, on the other hand, in the latest evidence that competitiveness is a serious problem for many European industries, and especially car manufacturing.
“Consumer interest in EVs is clearly stimulated by low-cost, very good Chinese cars arriving on the market,” one former Nissan executive said, as quoted by Reuters, earlier this month in comments on the earlier EV sales report.
Indeed, demand for Chinese EVs appears especially strong—and so is demand for second-hand EVs, according to the sales data.
Second-hand EVs are often considerably cheaper than new models.
A big driver for the substantial sales rise was, of course, fuel prices amid the Middle Eastern war.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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