EV popularity takes a plunge in Europe
The EU automobile market statistics for May indicates that electric vehicle sales took a nosedive, declining 12.5% compared to May 2023. The whole market has shrunk by 3% year-on-year, but EVs seem to be in the lead to the rock bottom.
The reasons quoted are as prosaic as the cancellation of state subsidies and other incentives. Without artificial support measures, EVs often prove too expensive for their intended target audiences.
Another nail in the coffin lid comes in the shape of the EU sanctions imposed on China-imported EVs. While those are disruptive for the local industries, they also constituted a major portion of all EVs sold on the Old Continent. With the imports trickling out, it suddenly turned out that Europe wasn’t quite as prepared to go green as it had seemed.
Editor Andrew Raspopov
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