Strategy& – EV Sales Review, Q1 2024

The European market for Battery Electric Vehicles (BEVs) is expanding rapidly to compete with China, leading to overall growth in the markets. However, this may impact the EU trade balance negatively in the short term due to the region's reliance on imports for raw materials and components needed for battery manufacturing. China continues to dominate the global Plug-in Hybrid Electric Vehicle (PHEV) market, accounting for over two-thirds of sales in all analyzed markets. With the rising popularity of PHEVs and Range-Extended Electric Vehicles (REEVs), the market is expected to continue flourishing in the upcoming quarters.