The electric vehicle (EV) market in Europe grew by 14% in the month of October, marking the third consecutive month of growth. Therefore, it seems that the auto parts conundrum that plagued the EV industry is now resolved. However, this uptick might not last for long given the impending slump in the energy sector.
The plug-in hybrid vehicle market was also thriving, with nearly 211,000 new vehicles registered in October, representing a 14% increase over October 2021. At the same time, there was a 25% increase in battery electric vehicles (BEV) registrations in October, amounting to 124,000 vehicles. Based on the annual average, BEV accounted for 59% of the plug-in sales made in October.
This increase is attributed to year-end peak sales in many nations and incentives given to owners of plug-in hybrid electric vehicles. If this the case, the BEVs ratio will not continue to decrease due to the increase in supply in the future. In addition, since many nations in Europe face strict measures on plug-in EV incentives in the coming year, we can expect to see a higher ratio on the side of battery electric vehicles as compared to the plug-ins. With a ratio of 54%, battery electric vehicles will significantly outperform plug-in hybrid vehicles, which currently stand at 46%, in the coming years.
In a previous feature, the Volkswagen model was revealed to be leading the top 20 selling vehicle in the month of October, outselling all other EVs in Europe, a rare occurrence witnessed in a year.
After the rankings of the top 20 vehicles, there was undoubtedly more to note from the bottom 20 vehicles not listed, for instance the VW ID. 5 that is being produced at a faster rate; this counts as great news. In October, 2,255 customers had registered for the VW ID.5, breaking the previous five monthly records. This demonstrates that increased materials already made accessible by Volkswagen have enabled a rise in ID.5 deliveries. The ID.5 might even break into the top 20 early in the upcoming month.
BMW and Mercedes are gradually transitioning to BEVs. Their i4 Fastback and ix SUV achieved a good score of 2,280 vehicles despite the fact that they still trail the highest-performing competitors. Mercedes is also stepping up its BEV production, with 2,258 registered EQA customers setting a record in the new year
Based on additional news, commentators commend the SAIC MG 4, which was released into the market two months ago and has registered 1,325 units so far.
According to vehicle brand rankings from January through October 2022, BMW & Mercedes have hung onto the top two spots at 8.9% and 8.5%, respectively. Even though the leading brand, BMW, has a percentage market share not exceeding 9%, the overall view demonstrates how the market for electric vehicles is evenly distributed. This creates an opportunity for less-known brands such as ElectraMeccanica Vehicles Corp. Ltd. (NASDAQ: SOLO) to also stake a claim in this growing market.
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