Europe’s electric vehicle market grew nearly 30 percent in the first half of 2024 compared with the same period last year, according to data from industry analysts. The increase follows sharp swings in global oil prices and regulatory pressure to phase out combustion engines by 2035. Dealers and analysts point to uncertainty in crude markets as a key driver behind the shift toward battery-powered cars.
The European Automobile Manufacturers’ Association reported 1.2 million new electric cars registered in the EU, UK, and EFTA countries from January to June. That includes 450,000 fully electric vehicles and 750,000 plug-in hybrids. Battery-only models now account for 18 percent of all new passenger car sales in the region. In the same period last year, EVs held a 14 percent share.
Norwegian EV specialist Ola Kittilsen said the trend reflects broader market anxiety over oil supply risks. Kittilsen runs a chain of dealerships in southern Norway that sold 40 percent more electric cars in the first quarter than in the same period of 2023. He cited price spikes after the Red Sea shipping disruptions and the Ukraine war as turning points for buyers.
The shift is also supported by stricter EU CO₂ limits. Carmakers face fines of up to €95 per gram of CO₂ over the 2024 target of 95 g/km for new fleets. Volkswagen’s ID.3 and Tesla’s Model Y remained the top-selling electric models in Europe during the period. Hyundai’s Kona Electric and Kia’s Niro EV rounded out the top four.
Industry watchers warn that supply bottlenecks for key battery materials like lithium and cobalt could slow growth later this year. The European Commission is expected to publish a critical raw materials act within weeks to address the issue. Still, the six-month figures suggest the transition is accelerating faster than many forecasts predicted.
Analysts at LMC Automotive project that EVs will capture 25 percent of the European market by the end of 2024, up from 19 percent in 2023. They also note that average battery range for new models now exceeds 400 kilometers, a threshold that was rare two years ago.
Source: e24.no