In 2023, European electric car sales are expected to reach 32 million units, with a year-on-year increase of 25%

In 2023, European electric car sales are projected to reach 32 million units, up 25% compared to the previous year

【Phoneauto News】CITIC Securities recently pointed out that the registration of new energy vehicles in nine European countries reached 174,000 vehicles in July, a year-on-year increase of 37% but a month-on-month decrease of 26%. This data indicates that despite the impact of seasonal delivery rhythm factors, the new energy vehicle market is still maintaining a normal growth pace. At the same time, the penetration rate of new energy vehicles in Europe has reached 23%, an increase of 3.3 percentage points compared to the same period last year. The institution also predicts that the sales of electric vehicles in Europe may reach a high of 3.2 million vehicles by 2023.

The data shows that from January to July 2023, the registration of new energy vehicles in Europe has reached 1.239 million vehicles, a year-on-year increase of 20%. Among them, the year-on-year growth in July was 37%, setting a new high for this year. CITIC Securities believes that this growth is mainly due to the increase in the richness of vehicle models on the supply side, which has driven demand growth, as well as the improvement in supply capacity and the shortening of delivery cycles.

It can be seen that on the supply side, with the continuous progress of new energy vehicle technology and the growth of market demand, European automakers have increased their research and development and production efforts for new energy vehicle models. In addition, the support policies of various countries for new energy vehicles are also promoting the development of the market. On the demand side, as environmental awareness increases and consumer recognition of new energy vehicles gradually strengthens, the demand for the new energy vehicle market is showing a continuous growth trend.

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Of course, the improvement in supply capacity and delivery cycles also provides strong support for the rapid development of the new energy vehicle market. On the one hand, suppliers are increasing production capacity while optimizing supply chain management to shorten delivery cycles. On the other hand, the government’s support for the new energy vehicle industry is continuously increasing, including support for the construction of charging facilities, which helps to reduce the threshold for consumers to purchase new energy vehicles and further stimulate market demand.

Looking ahead, CITIC Securities predicts that the sales of electric vehicles in Europe will reach 3.1 to 3.2 million units in 2023, with a year-on-year growth of 25%. With the continuous maturity of new energy vehicle technology and the intensifying market competition, it is expected that the European new energy vehicle market will continue to maintain a rapid growth trend in the coming years.

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