In March 2024, Europe witnessed a decline in plugin vehicle registrations by 8% YoY, with 296,000 units registered. This dip was significantly influenced by Tesla’s reduced last-month-of-the-quarter sales surge, particularly noticeable with a 35% YoY drop in March. Nonetheless, when viewed over the entire first quarter, plugins matched the overall market growth rate at +5%, showing a stable EV market share.
March’s plugin vehicle share reached 21% of the overall European auto market, with full electrics (BEVs) accounting for 14%. This uplifted the 2024 plugin vehicle share from 20% at February’s end to 21% by March, with BEVs alone rising to 13%.
During Q1, BEVs grew by 3%, slower than PHEVs, which saw a 10% increase. This disparity is partly due to the end of incentives in several countries, particularly Germany, and the delay in the arrival of new mass-market EVs like the Renault 5 and Citroen e-C3. However, growth is expected to pick up in the latter half of the year.
The plugless hybrid segment was the fastest-growing, up 20% YoY, and now makes up 30% of the total market. On the other hand, diesel saw an 11% decline YoY, representing just 11% of the market, a stark contrast to its dominant position in previous years.
In terms of specific models, the Tesla Model Y continued to lead as Europe’s best-selling EV, although its deliveries were down 19% YoY in Q1. The Tesla Model 3 also performed strongly, registering a 36% YoY increase following a recent model refresh. The Volvo EX30, only in its third month on the market, impressively climbed to the third position with 7,642 registrations.
Looking at other notable models, the Audi Q4 e-tron and the Volvo XC60 PHEV both had strong sales months, securing spots in the top five.
Overall, while Tesla maintains a substantial lead in the plugin segment, other manufacturers, particularly Volvo and Audi, are making significant strides. The competitive dynamics within the plugin sector are shifting, indicating a diverse and evolving market landscape.
In the broader automotive group rankings, the Volkswagen Group remains ahead despite a slight decrease in market share, while Tesla has overtaken Stellantis for the second position, benefiting from a strong March performance.
