The Electric Revolution Continues: March 2024 Industry News(I)

Table of Contents

In the dynamic landscape of the automotive industry, the rise of electric vehicles (EVs) continues to make waves globally. Recent developments signal a surge in popularity, with notable highlights reshaping the way we perceive and embrace sustainable transportation. From groundbreaking market shares to game-changing sales performances, the global stage is witnessing a transformative shift toward a cleaner and greener future.

National flag of Netherlands

Surge in Popularity for Electric Vehicles: January Sees a Sharp Rise in Registrations

White EV

Growth of Electric Vehicles in the Netherlands

  • Dutch consumers favor EVs over traditional cars.
  • January 2024 saw a 5.5% overall growth in new passenger car registrations.
  • Notable 64% surge in battery-only EVs and 21% rise in plug-in hybrids
  • Government initiatives aim to reduce internal combustion engine usage.

Market Share and Model Preferences

  • Fully electric vehicles claimed a 25.3% share in January 2024, up from 15.5% the previous year.
  • Electrified vehicles, including hybrids, constitute nearly 70% of total sales.
  • Despite supply chain disruptions, Tesla’s Model Y led sales, followed by Volvo’s XC40.

Impact on Traditional Vehicles and Future Considerations

  • Petrol and diesel vehicle registrations declined by 33% and 80%, respectively.
  • Dutch government targets discontinuing petrol/diesel sales by 2030.
  • Challenges for sustained EV growth include charging infrastructure and incentives beyond 2025
  • Concerns raised about the current inadequacy of the Netherlands’ charging network.
The national flag of Israel

The BYD Atto 3 Leads Israel's EV Sales, Capturing 42% of the BEV Market This Year

Total Sales For January & February

BYD Atto 3's Impressive Performance in Israel

  • BYD Atto 3 debuted in Israel late last year and quickly climbed to the top of BEV sales charts in November.
  • Despite being only its second month in the market, the Atto 3 continues to lead BEV sales in Israel this year.

Dominance in BEV Sales Statistics

  • According to data from the Israeli Vehicle Importers Association, 10,923 BEVs were registered in Israel up to February’s end.
  • The BYD Atto 3 accounts for an impressive 42% of these registrations, totaling 4,590 units.

BYD Atto 3 Specifications

  • The BYD Atto 3 features a 150 kW and 310 N.m torque motor.
  • It boasts a maximum speed of 160 km/h.
  • Equipped with a BYD Blade Battery with a capacity of 50.12 kWh (LFP).
  • Offers a range of 320 km (WLTP), and there is also a long-range version with a 60.48 kWh battery.

Chinese New Energy Vehicle Makers' Focus on Israel

  • BYD’s success in Israel is noteworthy, especially considering they currently have only one model in the market.
  • Chinese New Energy Vehicle makers, comprising 50% of brands registering over 100 units, have prioritized Israel in their overseas expansion plans.

Diverse Electric Vehicle Market in Israel

  • Geely, a previous market leader, remains strong with 2,200 units registered, constituting 20% of the BEV market.
  • Other notable brands with over 100 units registered include South Korea’s Hyundai, Mercedes-Benz, and Chinese brands like Leapmotor.
  • Overall, the Israeli market shows promise for BEVs, with nearly 11,000 units sold in the first two months of the year. The evolving market dynamics raise anticipation for future developments.
Flag of Norway
Car registrations ofthe last 12 months in Norway

Electric Car Registrations in Norway Reach 6,647 in February

Electric Car Registrations in February

  • Norway registered 6,647 new electric cars in February.
  • This surpasses both January and the same month last year.

Tesla Model Y Dominance

  • Tesla Model Y led with 1,749 new registrations, comprising 26.3% of all new electric cars.
  • Achieved a 23.7% market share across all drive types.

Overall Electric Car Market Share

  • Electric cars claimed a remarkable 90.1% of all new car registrations in February 2024.
  • A significant increase from 83.1% in the previous year.

Decline in Hybrid and Combustion Engine Registrations

  • PHEV registrations sharply declined by 71.7%, with 147 units.
  • Other hybrids fell by 23.2% to 312 new registrations, capturing a 4.2% market share.
  • Diesel cars: 198 registrations (2.7% market share), Petrol cars: 76 registrations (1.0% market share).

Model Ranking and Market Dynamics

  • Tesla Model Y led, followed by Toyota bZ4X with 389 units and 5.3% market share.
  • Close competition in February with VW ID.4, Volvo EX30, Nissan Leaf, Hyundai Kona, MG4, and Nissan Ariya.
  • Other models, like Volvo XC40, Audi Q4 e-tron, Skoda Enyaq, VW ID.3, Toyota Yaris, Polestar 2, and Mazda MX-30, achieved triple-digit new registrations.
Flag of Finland

Game-Changing Moment: Majority of New Car Sales in Finland are Plug-Ins

tesla-model-y-2024

Car registrations of the last 12 months in Norway

  • In a historic milestone, plug-in passenger cars surpassed traditional combustion engine cars in new car sales in Finland.
  • A total of 87,500 new cars were registered, with fully electric cars constituting 34% of the market.

Reasons Behind the Shift and Regional Trends

  • Increased supply of electric alternatives contributed to the growth in EV sales.
  • Companies displayed a preference for electric cars, constituting up to half of the purchases.
  • Despite cold weather challenges, fully electric cars dominated in Uusimaa and some Lapland municipalities, with varying adoption rates.

Challenges and Industry Suggestions

  • Finland aims to halve road traffic emissions by 2035, but slow car fleet renewal poses challenges.-
  • The automotive industry suggests waiving car taxes for all new vehicles, not just electric cars, to meet emission targets.
  • While the EV market is growing, traditional combustion engine cars still dominate, and full EV adoption is not expected until at least the mid-2030s.

As we reflect on these pivotal moments in the EV realm, it becomes evident that the rise in popularity is more than a passing trend—it’s a paradigm shift. The BYD Atto 3’s dominance in Israel, the surge in electric car registrations in Norway, and the game-changing majority of new car sales being plug-ins in Finland collectively illuminate the path toward a sustainable automotive future. These milestones fuel our optimism for a world where electric mobility takes center stage, driving us toward a cleaner, more eco-conscious tomorrow.

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