Volkswagen electric car sales plummet: Why are Europeans returning to gasoline cars?
Sales of Volkswagen's electric cars in Europe fell by nearly a quarter in the first three months of this year as consumers switched back to gasoline. The company said in its latest financial report released on April 10 that sales of pure electric vehicles in Europe fell by 24% compared with the same period last year, while sales in China increased by 91% compared with the same period last year. Overall, the company said its vehicle deliveries increased by 3% to 2.1 million vehicles, with key drivers coming from China, South America and North America. Internal combustion engine vehicles increased by 4% to 1.97 million units, overcompensating for a small decline in all-electric vehicles (BEV) 3% units to 136,400 units. In this area, strong growth in China (+91%) failed to fully offset declines in Europe (-24%). Why are Europeans turning back to gasoline? In February this year, the European Parliament voted to pass a new law banning the sale of gasoline and diesel cars from 2035. The new rules are part of the EU's efforts to combat climate change and will accelerate the bloc's transition to electric vehicles. Still, as the World Economic Forum highlighted in a recent report, European EV sales declined in the first quarter of 2024 as the industry continues to face challenges such as high costs and a lack of charging infrastructure. “A recent Ernst & Young report noted that regulations, subsidies and incentives have had a positive impact in driving adoption…but even with subsidies, cost remains one of the biggest barriers to mass-market adoption. On average, Ernst & Young noted, the cost of electric vehicles A quarter higher than internal combustion engine models