Good Morning from Germany, where the trend towards electromobility has stalled. Battery-electric vehicles (BEVs) accounted for just 12% of new passenger car registrations in Q1 2024, well below the 19% share in Q4 2023 & less than half the record for a single quarter: 25% in Q4 2022. Declining market share of BEVs should not come as a surprise, since govt subsidies to purchase EVs were completely phased out by end of 2023. (via DB) https://x.com/Schuldensuehner/status/1776157600842707146
Remembering what BMW's CEO said several weeks ago: "In Germany, demand for electric vehicles does not look good this year. The upper end of the EV market is almost saturated, and there is little on offer in the lower-end €25,000 segment. After years of surging growth, selling EVs is becoming tougher. Generous government incentives are disappearing in Europe and fewer vehicles qualify for them in the US. While a range of new models and commitment-light leasing options have attracted the attention of electric enthusiasts, some years into the EV revolution, infrastructure and price still remain roadblocks to widespread adoption. In Germany, sales are set to drop 14% this year in response to the government yanking subsidies in December, the first decline since 2016, according to the VDA lobbying group. (...) The charging conundrum, and who pays for it, remains unresolved many years into the EV transition." https://x.com/libertniko/status/1776159243046981643
