Sales of electric vehicles in the EU have slowed in recent months (down from a 14% market share in the first half of the year), partly due to divergent policies on green incentives across the bloc, while regulators, seeking to protect EU industry, have imposed heavy tariffs on Chinese cars.
Germany, the largest electric vehicle market in the European Union, introduced incentives in September to accelerate the green transition.
T&E, which in June had forecast a 21% share for next year, expects sales to pick up.
It said its new projections take into account the expected arrival in 2024 and 2025 of seven new fully electric models priced below 25,000 euros ($27,835), representing 10% to 15% of the EV market next year.
Electric vehicles should contribute about 60% of the carbon dioxide (CO2) reduction that car manufacturers need to achieve EU emissions targets Next year, hybrid options could contribute 20% to emissions reductions, he said.
Faced with falling demand for electric vehicles and increased competition from cheaper Chinese rivals, European manufacturers have urged EU lawmakers to trigger a crisis clause that would postpone their CO2 targets by two years.
T&E said policymakers should resist any moves to weaken or delay the 2025-2030 targets and that electrification should be supported by strong national policies.
“The current advantage that it enjoys Chinese electric vehicle manufacturers “This just goes to show that the more the EU protects its lagging carmakers, the less competitive they will be,” T&E said.
Carmakers including Stellantis, Toyota, Renault and Mercedes-Benz have all lowered their electrification targets.
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