MARKET UPDATE
Western Europe's new BEV pure electric passenger car market, slightly unexpectedly, was kept on the boil into October with just two markets seeing volumes fall over the same period last year.
Correspondingly the 12-month rolling BEV mixes of the total new car market saw BEV penetration rise by 0.2ppts to 17.5% during the period November 2022 - October 2023 over the 12-month trailing period recorded just a month earlier.
The regional new BEV market which rose by 29.1% y/y in October on continued order back-log deliveries from the low inventory 2022 period, particularly in markets such as Sweden which saw subsidies stripped away last year, are expected to see hangovers from November and December become more evident dragging the regional 12-month rolling penetration levels back into the low 16% by the end of the year compared to high volumes last year. Meanwhile with less that 40 days of the year remaining The Netherlands subsidy pot for EV purchases subsides for 2023 remains 40% full.
More factors at play are also expected to see a damp end to the year which are explained in more detail in the monthly European Electric Car Study published by Schmidt Automotive Research each month and is available to purchase as a single edition or an annual subscription.
More in-depth reporting in the full study published each month. The study now also features an in-depth look at the Chinese OEMs as their European expansion slowly begins. Are Chinese OEMs really a threat to the established European OEMs and what does the outlook look like?
*Western Europe 18 Markets: EU Member States prior to the 2004 enlargement plus EFTA markets Norway, Switzerland, Iceland, plus UK