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Electric Vehicle Sales Growth Slows Down in Europe

Europe was expected to transition fully to electric vehicles within about ten years, but recent data shows a slowdown in the growth of these environmentally friendly cars. According to the European Automobile Manufacturers’ Association (ACEA), overall car sales in Europe grew modestly by 4.4 percent in the first half of the year. However, this growth was mainly driven by hybrid vehicles rather than fully electric ones.

Sales of hybrid vehicles, excluding plug-in hybrids, saw a significant increase of 21 percent, reaching over 2 million units, which now make up almost 30 percent of the market. On the other hand, sales of battery electric vehicles (BEVs) only grew by 1.6 percent, totaling 954,094 units, accounting for 13.9 percent of the market.

In comparison, petrol cars remained the largest segment with a market share of 35.2 percent, but their sales decreased by 1.5 percent. Diesel car sales also saw a decline, dropping by 7.9 percent. Vehicles using alternative fuels like fuel cells, natural gas, and others saw a notable increase of 6.9 percent in sales.

European car manufacturers have been focusing on shifting their production towards electric vehicles, but they have expressed disappointment at the slower-than-expected growth in sales, despite introducing more electric models into the market.

The slowdown in consumer adoption of electric vehicles coincides with reduced government incentives in some countries and a limited availability of affordable models for those with lower incomes. These factors have contributed to the overall modest growth in the European car market, which, despite its increase to nearly 6.9 million vehicles in the first half of the year, remains below pre-pandemic levels according to ACEA.

In summary, while there is a clear trend towards electric and hybrid vehicles in Europe, the transition is slower than anticipated due to various economic and market challenges.

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