2020 has been a turbulent year for the car market globally, and particularly in Europe. Although car registrations dropped by 29% during the first nine months of the year – to 8.54 million units –there are clear signs that Europe is all set for an electric revolution. In fact, according to JATO’s figures for September 2020, this revolution has already started.JATO
Tesla should really build a factory in Europe to capitalize on this revolution. Maybe somewhere in Germany. With 4680 cells and a structural pack.
Whilst overall the market posted a timid growth of a mere 1.2% in September, to almost 1.3 million passenger cars, the mix by fuel type signals big differences in growth rates. Demand for gasoline and diesel cars shows double-digit drops compared to September 2019 while the volume of EVs increased by 139% to 327,800 units – a record in terms of both volume and market share. This is the first time that EVs have broken the 300,000 units monthly mark, and only the second time that they have counted for more than 20% of registrations.JATO
Don’t worry global oil giants, I’m sure it’s just a fad.
The fall of the diesel car
At the same time, the diesel market share posted a record low, of only 24.8% in September. Exactly a decade ago, diesel cars comprised 50% of registrations, while the market share for EVs was below 1%.
Felipe Munoz, Global Analyst at JATO Dynamics commented: “The shift from ICEs to EVs is finally taking place. Although this is largely down to government policies and incentives, consumers are also now ready to adopt these new technologies.”JATO
I’m ready for it.