EU Hybrid & Electric Car Market Shifts in 2024: Imports Drop, Exports Steady
In 2024, the EU witnessed a significant shift in its automotive market, with a notable decrease in the value of imported hybrid and electric cars from China, while exports remained robust. The EU spent €42.4 billion on importing these vehicles, a 12% decrease from 2023, with China being the dominant supplier.
The EU imported electric cars worth €23.5 billion in 2024, accounting for 55% of the total electric car imports. This represents a 1 percentage point decrease from 2023. China, the United States, and Germany were the top three export partners for EU electric vehicles, reflecting their significant production capacities and market demands.
In terms of production, the EU manufactured 3.9 million hybrid and electric cars in 2024, almost one third of its total car production. Electric cars led the production value at €57 billion, followed by hybrid cars. The EU exported hybrid and electric cars worth €57.3 billion in 2024, an 8% decrease from 2023. Electric and hybrid cars made up 28% of EU car exports, a 1 percentage point increase from 2023.
The EU's electric and hybrid car market showed mixed trends in 2024. While imports decreased in value and share, exports remained steady, with an increase in the share of electric and hybrid cars. The dominance of China in electric car imports and the significant production and export values indicate the EU's commitment to the global electric vehicle industry.
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