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Vehicle sales in Germany increased 19.1% year-on-year to 213,553 units in January, in sharp contrast to the sharp decline in EV sales in January 2023. Clean energy subsidies drove a surge in EV sales at the end of 2022, but demand cooled later.
The government’s decision to terminate environmental bonuses in December last year had a knockout on the EV industry. Ernst & Young analysts pointed out that about 22,500 new BEVs were registered in January, the second lowest level since January 2023, and consumer confidence in the development of electric vehicles was shaken.
The Federation of Automobile Importers expects the total number of new car registrations in Germany to be around 2.85 million units in 2024, which is still below the pre-pandemic level in 2019, and given the uncertainty of the electric vehicle market, many car buyers may opt for internal combustion engines or postpone their car purchase decisions.
(Source: AFP Image source: freepik)
