March saw plugin EVs take 18.0% share in Germany, down year on year, remaining stuck in a hangover from sudden incentive cancellations.
March saw plugin EVs take 18.0% share in Germany, down year on year, remaining stuck in a hangover from sudden incentive abandonment in late December. BEVs were down some 29% in YoY volume, while PHEVs were down 4.5%. Overall auto volume wasunits, down 6% YoY, and down 25% from 2017-2019 seasonal norms . The best selling BEV was the Tesla Model Y.
Beyond the incentive cut, there’s another possible influence on March’s low BEV performance. Some minor elements of the BEVs result may be due to. Tesla was some 4,500 units down compared to March 2023, . In the case of the Model Y the recent pause at the nearby Gigafactory may have weighed on volumes. For the Model 3, Tesla has said that shipping challenges through the Red Sea region caused delays to European deliveries.
Both these factors together – the heavy blow of the incentive cut on lower and mid priced BEVs, and the tighter economic squeeze onlower and mid priced BEVs – create an ideal recipe for huge falls in sales of these lower and mid priced BEVs. I will go into more detail on this pattern, and we will confirm it in the data, in the BEV models section below.
The Volkswagen ID.4/ID.5 is the closest competitor to the Model Y, having taken the top spot four times in the past 12 months . The Volvo Ex30 also continued to grow, reaching a record 626 sales in March, and 16th spot. It likely still has some room to grow from here.Here, the long term favourites are still holding their ranks, although the Model Y’s gap has grown since Q4 2023, which was a much closer race.
In contrast to median consumers, the buyers of premium brands like Mercedes and BMW tend to have above-median financial conditions, and are typically less affected by recessions.
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