Electric vehicle (EV) sales in Europe surged by 40% year-over-year in 2023, driven by aggressive government incentives and heightened environmental urgency. Analysts attribute this boom to policies like tax rebates, expanded charging networks, and rising fossil fuel costs.
A recent European Commission report states,
EV adoption now accounts for 22% of all auto sales, tripling 2020 figures.Key factors include:
- Subsidies up to €9,000 per vehicle in Germany and France
- Corporate fleet electrification mandates
- Crude oil prices exceeding $100/barrel
Industry leaders caution that supply chain bottlenecks for batteries could slow growth. However, Volkswagen and BMW have pledged $17B to ramp up EV production by 2025.
