[Report] Electric cars drive up market share in Europe

According to data from the European Automobile Manufacturers' Association, sales of electric vehicles in Europe established a record for their share of the entire new vehicle market in 2022.

Compared to 9.1% in 2021 and 1.9% in 2019, battery-powered electric cars made up 12.1% of new car sales, the ACEA said.

More than 1.1 million electric vehicles were sold last year, a 28% increase from the previous year, as the EU moves toward banning the sale of new gasoline and diesel vehicles by 2035.

Sales in Germany accelerated at the end of the year, right before some purchasing incentives disappeared, so the increases there were particularly significant.

As Norway plans to ban the sale of new fossil fuel vehicles by 2025, a decade before the EU does the same, a record 79% of new automobiles sold there last year were electric.

However, Italian consumers hit the brakes, resulting in a 26.9% decline in the sale of electric vehicles.

In the EU, hybrid car sales also had a strong year, achieving a market share of 22.6%.

Traditional gasoline and diesel-powered vehicles continued to lose market share, but they still made up 52.8% of EU new car sales in 2022.

The industry was described as "moving fast" by Luca de Meo, president and CEO of ACEA and the French automaker Renault.

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