German EV Sales Crater 31% In May, Tesla Says Hold My Beer
The latest data indicates a drop of 30 percent for new EV registrations in Germany, with the end of incentives likely a key factor
by Sam D. Smith
June 6, 2024 at 07:58
- The latest registration data for the month of May 2024 shows the impact on the end of EV incentives.
- Peugeot and MG record strong growth in Germany, up by 70 percent and 50 percent, respectively.
- BMW registrations stumbled by 32 percent, Mercedes by 29 percent.
Statistics released for May 2024 indicate that German electric vehicle sales have dropped by a significant 30.6 percent compared to the same month in 2023. This downturn in Germany’s EV registration figures underscores a broader trend of diminishing consumer interest in electric vehicles, prompting automakers to reassess their long-term strategies.
For Germany in particular, EV sales have been hard hit by the sudden end of incentives at the end of 2023. The figures, released by KBA, Germany’s federal motor transport authority, show an even greater drop in EV sales than the 14.1 percent recorded for Q1 2024.
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On the other hand, of the 236,425 new cars registered in Germany last month, petrol-powered registrations grew by 2.1 percent, with the largest share of 38 percent. Diesel was a close second, with 19 percent of the market and an increase of 3.2 percent. Hybrid sales stayed constant, while plug-in hybrids recorded a marginal increase in uptake of 1.7 percent.
Overall sales of all vehicles in Germany declined by 4.3 percent in May 2024 compared to May 2023, although the year-to-date figures paint a better picture, with an increase of five percent. Peugeot recorded strong growth, with an increase of 70.9 percent in registrations compared to last year. China’s MG also recorded an impressive performance, with registrations increasing by 51.6 percent.
Germany Sales By Powertrain Type
On the home front, the results are mixed. Opel has been the strongest performer, with a growth of 29.3 percent, while Volkswagen, with 20.1 percent of the German market, grew deliveries by 8.7 percent. However, aside from Porsche, which managed to maintain sales figures equal to last year (-0.6 percent), the rest of the homegrown competition reported significant declines. That includes BMW, with 32.5 percent fewer registrations than last year, Mercedes, with 28.9 percent less, and Audi, with 17.7 percent fewer registrations.
Overall, Tesla suffered the steepest decline of any brand in May, with sales plummeting 64% year-over-year. Year-to-date, their performance remains equally weak, with a 41.4% decrease.
While SUVs remained the dominant body style, recording the most new registrations with a share of 29.3 percent, that’s a 5.5 percent decline from last year. The compact class managed to claw back a significant chunk of sales, with 29.1 percent growth and a market segment of 20.4 percent.
