Jato: European EV sales are slowing, Tesla Model Y is the best-selling car in Europe

Sales of EVs in Europe are falling, data provider Jato reports based on data from 28 European markets. For example, 196,045 electric vehicles were registered last month. That is 11 percent less compared to March last year.

Jato notes that the decline in EV sales is being offset by the increase in hybrid vehicles. More than 100 thousand hybrids were registered in Europe in the last month. That is an increase of 2 percent compared to March 2023. The total European car market decreased by 2.7 percent to 1.38 million vehicles in March 2024. This was still 1.42 million new registrations in March 2023.

According to Jato, high inflation and interest rates are the reason for the decrease in demand. European EV registrations are down for the second time this year. This happened in early January. Felipe Muñoz, an international analyst at Jato, calls the development “horrifying”. He explains: “The average price of a new car is still very high, and consumers are reluctant to switch to EVs.”

Examples

Tesla was the leader of the top 5 registered electric models in March. The American automaker also took second place on the list with its Model 3. Volvo also did well with nearly 7,500 registrations for its new model, the EX30.

Top 5 BEV models in March 2024

Source: Jato

The most registered PHEV model in March was the Volvo XC60, ahead of the Ford Kuga and Audi A3.

Top 5 PHEV models in March 2024

Bron: Jato

Tesla was also the leader again in March with its Model Y in the list of total models registered in Europe. Dacio Sandero, who was the leader in January, has dropped to third place.

Top 5 models in March

Bron: Jato