Europe’s plug-in car sales witnessed an 8% year-on-year decline in March 2024 partly due to the very solid results achieved in the same period in 2023. Nonetheless, the cumulative sales in the first quarter of the year increased by around 5% YoY, EV Volumes data revealed.
Plug-in EV sales – Mar 2024
New plug-in car registrations in Europe reached a total of 295,980 units in March 2024. As mentioned, it indicates an 8% YoY decline. The market share also dropped from 23% last year to roughly 21%.
Of that total, battery electric vehicles (BEVs) accounted for approximately 14% to about 197,000 units. Meanwhile, plug-in hybrids (PHEVs) registered around 99,000 with a 7% market share. Refer to the table below:
| Type | Registrations (Est. from the market share) | Market Share | YOY Change |
| BEVs | 197,000 | 14% | – |
| PHEVs | 99,000 | 7% | – |
| Total | 295,980 | 21% | down 8% |
YTD results (Jan – Mar 2024)
In the first quarter of the year, Europe registered 701,805 new passenger plug-in electric cars. It represents 21% of the overall automotive market.
BEVs held a 13% share with about *0.43 million sales, while PHEVs only registered *0.26 million units (8% share). Here’s the breakdown:
| Type | Registrations (Est. from the market share) | Market Share | YOY Change |
| BEVs (Battery Electric) | 0.43 million | 13% | – |
| PHEVs (Plug-in Hybrid) | 0.26 million | 8% | – |
| Total | 701,805 | 21% | up 5% |
In hindsight, Europe’s new passenger plug-in electric car registrations surpassed 3 million units in FY 2023, up 16% YoY. Its market share slightly grew from 23% in 2022 to 24% in 2023.
Top-selling models
As expected, the Tesla Model Y dominated both the monthly and YTD sales rankings in Europe. Its sibling Tesla Model 3 electric sedan followed in the second spot. Here are the rankings:
| Rank | Model | March 2024 Sales | Rank | Model | YTD Sales (Jan-Mar 2024) |
| 1 | Tesla Model Y | 26,790 | 1 | Tesla Model Y | 58,200 |
| 2 | Tesla Model 3 | 12,011 | 2 | Tesla Model 3 | 26,826 |
| 3 | Volvo EX30 | 7,642 | 3 | Audi Q4 e-tron | 15,443 |
| 4 | Audi Q4 e-tron | 6,548 | 4 | Volvo XC40 (BEV) | 15,180 (14,290 BEVs + 890 PHEVs) |
| 5 | Volvo XC60 PHEV | 5,752 | 5 | Volvo XC60 PHEV | 14,080 |
| 6 | Volvo XC40 (BEV+PHEV) | 5,595 (5,299+296) | 6 | Peugeot e-208 | 13,999 |
| 7 | Peugeot e-208 | 5,405 | 7 | Skoda Enyaq iV | 13,783 |
| 8 | BMW i4 | 5,166 | 8 | Volvo EX30 | 13,569 |
| 9 | BMW iX1 | 5,018 | 9 | MG 4 | 13,163 |
| 10 | MG 4 | 4,772 | 10 | BMW i4 | 12,293 |
Leading brands and auto groups
Tesla remained the leading plug-in electric car brand in the European market in Q1 2024 with a market share of 12.2%. The rest of the top brands were German automakers apart from Sweden’s Volvo. Here is the list:
| Rank | Brands | Market Share |
| 1 | Tesla | 12.2% |
| 2 | BMW | 10.3% |
| 3 | Mercedes-Benz | 8.7% |
| 4 | Volvo | 8.2% |
| 5 | Audi | 7.1% |
| 6 | Volkswagen | 5.1% |
As for the most popular automotive groups, VW Group kicked Tesla to the second spot with a share of 19.1% in the plug-in market. Meanwhile, the American electric automaker had the same 12.2% share, considering that it is a lone brand. Here are the results:
| Rank | Automotive Group | Share |
| 1 | Volkswagen Group | 19.1% |
| 2 | Tesla | 12.2% |
| 3 | Stellantis | 12.1% |
| 4 | BMW Group | 10.9% |
| 5 | Geely-Volvo | 10.0% |
| 6 | Mercedes-Benz Group | 9.2% |
It would be wiser to look at the full Q1 2024 results, which noted a 5% YoY growth, instead of the results in March 2024 alone. As mentioned, the decline in the monthly results was partially due to the record figures in March 2023. The YTD sales growth backs the idea that the electric vehicle industry is only witnessing a slower-than-expected uptake, not in peril.
