Europeans will buy almost nine million fewer electric vehicles between 2024 and 2030 than expected, as high prices, insufficient range, and clunky recharging put off prospective buyers, according to investment bank UBS.
UBS said it still believes EVs will eventually become the dominant powertrain choice after 2030. The European Union might decide to lessen the severity of its drive to force all new car sales to be electric by 2035 and extend that deadline, the bank said in a report based on data from its Evidence Lab consumer survey.
Electric car sales in Europe, and the U.S., have been faltering and the likes of Volkswagen, BMW, Mercedes, GM and Ford scaled back over-ambitious targets. UBS cut its forecast for European EV sales to 8.3 million in 2030 compared with its previous estimate of 9.6 million. Investment researcher Jefferies has forecast sales of EVs in Europe will rise from about 2 million in 2023 to 8.9 million in 2030 for a market share of 65% versus 16%.says EV sales in Western Europe will reach 8.4 million or 60% of the overall market by 2030, compared with just under 2 million in 2023 .
UBS cut its forecast for European EV sales in Europe this year to 2.3 million from its previous estimate of 2.5 million, 2025’s to 2.9 million , 2026-3.5 million versus 4.8 million, 2027-4.5 million versus 6.3 million, 2028-5.7 million versus 7.5 million, and 2029-7.1 million versus 8.5 million.
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