BERLIN, July 23 (Xinhua) — The number of new electric vehicles (EVs) registered in Germany in the second quarter (Q2) increased by 26 percent year-on-year, according to a study published Thursday by Strategy&, the global strategy consulting team at PwC.
Despite the economic impact of COVID-19, increasing offers as well as growing buying interest led to a positive development in the German EV market, according to the study.
“The development of e-mobility proves during the crisis that the path towards a strategically important market segment is not only being pursued but is even being accelerated,” said Felix Kuhnert, global automotive lead at PwC.
In Q2, new plug-in hybrids increased “particularly significant,” as registrations were up 257 percent year-on-year, according to the study. Newly registered pure electric vehicles, meanwhile, only grew by 23 percent.
“Currently, strong consumer demand is clashing with limited supply and long delivery times, which is why the effects of the government stimulus measures in Germany will not be felt more clearly until next year,” Kuhnert said.
Germany’s economic stimulus package to mitigate the effects of the COVID-19 crisis also includes a premium for EVs. The old premium for the promotion of electric cars in Germany has been doubled and fully electric cars now receive subsidies of up to 9,000 euros.
In order to lower transport-related emissions compared to 1990 levels by around 40 percent by 2030, the German government aims to have seven to ten million EVs registered in the country by 2030.
According to the study, 2020 could be the turning point for electric mobility in Europe, as European governments now would coordinate support measures such as tax benefits and purchase premiums.
“While electric cars initially led a shadowy existence in European registration statistics, they are proving to be an island of stability or growth in an otherwise declining sales market for the automotive industry,” said Christoph Stuermer, global lead analyst at PwC Autofacts and head of the study. Enditem