Electric vehicle sales in Europe surpassed 2 million units in 10 months this year and are on track to set an annual record. Global automakers including Hyundai Motor and Kia are rolling out Europe-tailored strategies to accelerate the shift to electrification.
According to the European Automobile Manufacturers' Association (ACEA) on Dec. 7, EV sales in Europe from January to October this year totaled 2,022,173 units. That is up 26.2% from a year earlier, the fastest pace on record.
There are projections that Europe's EV sales will hit an all-time high this year. Europe's annual EV sales topped 2 million for the first time in 2023 at 2,018,885 units, then fell to 1,993,102 last year amid a temporary demand slowdown, or chasm.
Breaking down this year's sales by country, EVs sold the most in Germany (434,627 units), the United Kingdom (386,244), and France (250,418). The three countries account for 53% of Europe's EV sales this year, more than half.
The European Union (EU) has decided to cut carbon emissions from new cars by 100% starting in 2035. In effect, it will ban sales of internal combustion engine cars. In response, global automakers are doubling down on European EV strategies.
A prime example is Tesla launching a lower-priced version of the Model Y in addition to its mainstay Model 3 and Model Y. Chinese corporations such as BYD and Chery are building production bases in Europe to increase local manufacturing, and European companies including Volkswagen and Renault have also released mass-market models.
Sluggish EV sales in the United States, the world's largest auto market, are another reason global automakers are turning to Europe. U.S. EV sales in October fell 57% year over year to 64,000 units due to the end of the tax credit.
Accordingly, Hyundai Motor and Kia are currently selling 14 EV models in Europe. Of these, 10 are dedicated EVs based on the E-GMP electrification platform, accounting for a majority. Hyundai Motor (excluding Genesis) and Kia began selling EVs in Europe in 2014, and this year Hyundai Motor recorded cumulative sales of 66,747 units and Kia 86,414.