In 2024, Germany witnessed a significant decline in electric car sales, with a 27.5% drop compared to the previous year. This decline came after the cessation of state subsidies at the end of 2023, causing uncertainty despite the launch of new models. As a result, the market share of electric vehicles in new registrations fell from 18.4% to 13.5%. While electric vehicles struggled, hybrid models saw an increase in demand.
The impact was felt across various car brands, with some like Peugeot and Volvo emerging as winners, while others like Renault and Tesla experienced considerable losses. Overall, the total number of car registrations in Germany fell by 7% compared to the previous year and 25% compared to pre-pandemic levels in 2019. Meanwhile, the popularity of traditional fuel vehicles persisted, with petrol cars seeing a rise in sales.
Despite the challenges in Germany, Volvo achieved a record sales year globally, driven by its electric and hybrid models. However, the company had to adjust its ambitious target for electric vehicle production by 2030. The fluctuating market illustrates the complex dynamics at play as the automotive industry navigates through a transformative era.
