Weak EV Market Dragged Down European Car Sales In March [zero hedge]
Tesla, Inc. (TSLA)
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Weak EV Market Dragged Down European Car Sales In March By Tsvetana Paraskova of Oilprice.com Europe’s new car sales fell in March for the first time this year, dragged down by a decline in electric vehicle (EV) registrations and the timing of the Easter holidays, the European Automobile Manufacturers’ Association, ACEA, said on Thursday. All new car sales in the European Union car market dropped by 5.2% year-on-year to 1 million units in March, while passenger vehicle sales in Europe including non-EU members such as the UK and Norway fell by 2.8%, ACEA’s data showed . In the EU, new electric vehicle sales slumped by 11.3% to 134,397 units in March, led by a major 29% decline in EV sales in the biggest European market, Germany. Car sales in Norway, where most new vehicle registrations are EVs, plunged from over 19,000 cars in March 2023 to 9,750 units last month. As EV sales fell in the EU, their market share shrank from 13.9% in March 2023 to 13% in the same month of 2024. Among the
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