Electric vehicle sales are currently surging in Europe with market share reaching new records in several countries.
They are doing it with electric cars that are not available in North America.
Amid the pandemic, the automotive industry has taken a big hit, but electric vehicles have been a silver-lining in the industry.
Electric car sales have been doing quite well despite the overall downturn which has resulted in many markets seeing new record market share for EVs versus fossil fuel vehicles.
This is especially in true in Europe, where automakers have been focusing their new electric vehicle launches due to fleet emission regulations.
In November, all-electric vehicles have reached near 10% market share of the auto industry in Germany:
This new record market share is an important indication that electric vehicles are taking over.
But another interesting point is that amongst the 10 best-selling all-electric vehicles in the market, 6 are not available in North America:
- Renault Zoe
- Hyundai Kona EV
- VW ID.3
- Smart Fortwo
- VW e-Golf
- VW e-Up
- Tesla Model 3
- Opel Corsa E
- BMW i3
- Mazda MX-30
Several of these vehicles have been recently launched exclusively in Europe, like the VW ID.3 and Mazda MX-30.
Pandemic aside, I think this shows two things: regulations are working and more EV models being released are going to have a massive impact.
All these so-called experts who predict 30-50% EV market share by 2030-2035 are completely out of it.
The availability of more EV models makes all the difference and the same is going to happen when more electric cars and trucks hit more segments in North America, including pickup trucks.
I am not saying there aren’t differences in customer mindset in different markets, but I think options and the lack of options account for a big part of the problem.
This problem is getting fixed as we speak in Europe and the same is going to happen in North America in the next 2-3 years as 20-30 new electric vehicle models are going to hit the market.
It’s going to be an exciting time.
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