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Electric vehicles (EV) are taking over the transport sector in Europe. According to MoneyTransfers.com, battery electric cars (BEV) now account for 10% of all European Union (EU) passenger car registrations in Q2’22.
MoneyTransfers.com finds this interesting as it shows how Europe is working to reduce its carbon emissions by transitioning to electric vehicles. That will also greatly impact how people transfer money in the long term since lower fuel costs will mean less money spent on petrol and diesel.
Speaking on the data, MoneyTransfer’s CEO Jonathan Merry said.
The primary source of EU greenhouse gas emissions is the transport industry. Without reducing transport-related emissions, one can’t achieve the EU’s climate neutrality goals.
MoneyTransfers CEO Jonathan Merry
He went on, “The new law (Fit for 55) proposes to reduce CO2 emissions from automobiles and vans by 55% and 50% by 2030. The law also proposes a 2035 deadline for eliminating emissions from vehicles and vans. This could be the greatest motivation for adopting electric vehicles.”
Vehicles With an Alternative Power Source (APV)
The EU’s battery electric vehicles (BEVs) sales increased by 11.1% in the second quarter of 2022, totaling 233,413 vehicles. Spain and France, two of the region’s most important markets, saw BEV sales rise by double digits (+22.0% and +18.6%). Meanwhile, Italy recorded a 19.6% loss while Germany also reported a modest decline of -0.5 %.
EV with plug-in hybrid propulsion (PHEV) saw an increase in market share over this period despite a decline in sales of more than 10%. PHEV sales fell in all major markets except Spain, where the PHEV market grew by 11.3%. The other regions registered declines, with France leading at -17.4%, Germany at -16.9%, and Italy with -6.9%.
During the second quarter of this year, European Union sales of hybrid electric vehicles (HEVs) decreased by 2.2%. As a result of a considerable decrease in the sales of conventionally-fueled vehicles, HEVs gained market share (22.6% ).
Mixed outcomes were seen in the region’s four significant marketplaces. The economies of France and Spain expanded by 7.2% and 2.7%, respectively. Conversely, Italy and Germany saw declines of 9.3% and 6.5%.
Natural Gas Vehicle Registration Went Down
Natural gas vehicle (NGV) registrations in the European Union fell by 62.9% during this period, with 4,983 units sold. Sales in Italy, which account for most of the region’s total sales volume, were the primary cause of the decline in sales.
On the other hand, the sales of LPG-powered cars increased by 7.9% to 64,152 units in the second quarter of the year. Spain (+57.6%), France (+21.9%), and Germany (+10.3%) are three of the four major markets in the European Union. Contrary to this, Italy reported a 5.1% decrease in the gross domestic product.
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