German battery electric vehicles, BEV gaining momentum in China – PwC analysis

 

Admin I Wednesday, Jan. 31, 2024

 

BERLIN – According to an analysis by consulting firm PwC, German Battery Electric Car, BEV manufacturers have made up ground on the world’s electric car markets.

In China, their largest sales market, they sold 49% more e-cars last year than in the previous year, growing twice as fast as the overall market, PwC said on Wednesday.

In the fourth quarter, German manufacturers grew almost three times as fast as the Chinese market with an increase of 63%. Their market share increased by 1 percentage point to 5% in 2023.

According to PwC, German manufacturers increased sales of their pure e-cars by 47% worldwide, increasing their global market share by two points to 14%.

In the domestic market, however, e-mobility lost momentum.

“Over the year as a whole, Germany even fell behind the EU average with 11% BEV growth,” PwC said in a statement.

BEV stands for Battery Electric Vehicle, for example purely electrically powered vehicles.

For buyers in Germany, the BEV used car market is becoming more attractive. According to PwC, three-year-old electric vehicles are on average 10% cheaper than combustion engines.

Almost all manufacturers now offer an eight-year warranty for the battery, “and it was the battery that had put many people off buying a used BEV,” said PwC strategy & industry expert Jörn Neuhausen.

As there are now 1.2 million BEVs on the road, the supply of used BEVs is increasing.