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In January 2024, a total of 213,553 new cars were registered in Germany, which can be considered an indicator of the European automotive situation. Compared to the same month last year (January 2023), this is an increase of 19 percent. As expected, the removal of EV purchase premiums had an impact on new electric vehicle registrations.
“Although the number of newly registered electric vehicles was just under 54,700 in December – this corresponds to a share of 22.6 percent, which compared to that of a year earlier fell dramatically by 22,500 cars or by as much as 10.5 percent,” wrote ADAC, citing data from the Federal Road Transport Administration (KBA).
Electric trains are decreasing, LPG is gaining strength
“Compared to the same month last year (January 2023), more electric cars were registered this January (plus 23.9 percent), but this distorts the real situation. At this time last year, many customers were in a hurry to buy, with the idea being that it would be done by the end of 2022 because of the special discounts that were available then,” the auto club continues.
Petrol engines, on the other hand, boast about 38 percent market share, but what’s more strange is that despite the situation, even diesel vehicles are increasing their share. Hybrids (i.e. LPG with an electric motor) and plug-in hybrids (battery hybrid models) have a constant share; However, the latter is at a low level with just under seven percent market share.
The trend for 2024 is difficult to predict
Given Germany’s economic weakness, which generally has a negative impact on the car market across Europe, forecasts for 2024 are difficult. Automakers initially made up for the loss of subsidies to buy electric cars, and after a price war started by Tesla, electric vehicle prices fell.
In addition, the number of new electric models is growing rapidly, while the number of models available with internal combustion engines is decreasing. Therefore, it is not yet possible to say whether the slower growth of battery-powered vehicles compared to before will not pick up again significantly during the year.
The brands with the greatest growth
Among the brands with the greatest growth are BMW (plus 44.2 percent), Kia (plus 53.8 percent), Opel (plus 72.4 percent) and Volvo (plus 81.3 percent). These are the brands showing strong growth in January 2024. Tesla lost about 25 percent year-on-year, but still had 3,152 new registrations in January – more than Renault , Mazda , Mini or Nissan , for example.
Some of the highly regarded Chinese brands are experiencing rapid growth, although they are currently still scarce in absolute terms. VW’s electric rival, the BYD brand, for example, had just 139 registrations in January, the Nio had 27, and Great Wall Motors (including the Ora model) had 90. The Chinese brand with the most new registrations is MG with nearly 900 cars.
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