In 2024, the electric vehicle (EV) market experienced a significant downturn in Germany, with sales plummeting by 27.5% to 380,600 units. This decline coincided with the end of government subsidies, leading to uncertainty among consumers. Despite the introduction of new attractive models, the share of EVs in new registrations fell from 18.4% to 13.5%. Overall, new car registrations decreased by 1% compared to 2023, and were 25% lower than in 2019.
While the German market struggled, Volvo reported a record sales year, with a notable 54% increase in fully electric vehicle sales. Meanwhile, Norway continued to lead the way in electromobility, with nearly 90% of new cars being electric. The country achieved this through high import tariffs on combustion engines and robust support for EVs, including purchase incentives and infrastructure development.
In the United States, Donald Trump's intention to end the $7,500 EV tax credit spurred a sales surge in the latter part of 2024. Major automakers like GM, Kia, and Hyundai saw double-digit growth in EV sales, while Tesla lagged behind. However, political uncertainties have raised concerns about future EV demand.
Thailand's auto market also saw a downturn, with luxury car sales dropping by 25% due to economic challenges. In contrast, Mexico is preparing to introduce affordable electric vehicles by 2026, targeting a price range of 4,200 to 7,200 euros.
As global automakers navigate these challenges, flexibility and adaptation to local markets are becoming crucial. The push for innovative models and improved infrastructure remains pivotal for sustaining growth in the EV sector.
