There is no sign of recovery for sales of electric vehicles in Europe's biggest car makret
Germany recorded 30,762 EV registrations in July 2024, representing a 36.8 percent drop compared to July 2023. The EV share in Europe 's biggest market fell to 12.9%, from 20% in a year, following the government's decision to cut subsidies. Other markets like Sweden and Switzerland also saw a decline in EV sales. Sales of fully electric cars in Germany plummeted 37 percent in July 2024 compared to the same month last year.
Naturally, the EV slowdown forces automakers to reconsider their future plans and killing off combustion engines just yet, making it harder for them to comply with EU's strict emission regulations. Patrick Hummel, an analyst at UBS, said that VW's earnings may be reduced by €2 billion next year as a result of the slow demand for EVs. The automaker recently announced a delay on its battery production schedule and is cutting down production in EV plants.
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