Surge in Electric Vehicle Registrations and Market Share
In June 2023, Spain saw a remarkable rise in new car registrations, reaching a total of 102,268 units, marking a 12.4% increase compared to the previous year. This growth is a significant milestone, bringing the first half of the year’s total to over 511,000 registrations, an impressive 23% rise from last year. Notably, the market for plug-in electric vehicles has surged, reflecting a broader shift towards more sustainable automotive options.
Breakthrough for Plug-In Electric Vehicles
The plug-in electric vehicle segment, including both all-electric and plug-in hybrids, achieved a record 12,405 new registrations in June alone, representing a 66% increase year-over-year. All-electric cars, or BEVs, accounted for 5,891 of these registrations, showing an extraordinary 85% year-over-year growth and a 5.8% market share. Plug-in hybrids (PHEVs) also saw a substantial rise, with 6,514 units registered, up 52% from the previous year.
Year-to-Date Growth and Future Trends
So far in 2023, Spain has registered over 57,000 new plug-in vehicles, marking a 48% increase from last year and representing 11% of the total market. With a strong year-to-date performance, it’s anticipated that annual registrations will exceed 100,000 for the first time. The dominance of BEVs over PHEVs is expected to continue, driven by their faster growth rate.
Popular Models and Market Shifts
The Tesla Model Y leads the pack as the top-selling all-electric car in Spain this year, followed by the MG4 Electric and Tesla Model 3. Interestingly, three of the top five best-selling BEVs are produced in China, highlighting the shifting dynamics in the European automotive market. This trend signals a critical moment for European manufacturers to adapt or risk losing market share.