According to the latest data from the European Automobile Manufacturers’ Association (ACEA), new car sales in the European Union (EU) fell by 18.3% year-on-year in August, marking the lowest level in three years. Notably, sales of BEVs plummeted by 43.9% compared to the same period last year, marking the fourth consecutive month of decline. This dramatic downturn is primarily attributed to the collapse of sales in Germany and France, the EU’s two largest electric vehicle markets, with declines of 68.8% and 33.1%, respectively.
Concurrently, the sales of PHEVs in the EU also fell sharply, declining by 22.3% year-on-year in August. As one of the major global markets for electric vehicles, the sustained decline in demand for EVs in Europe in recent months has prompted several mainstream automakers with operations in the region to slow down their electrification strategies.
This significant shift not only poses new challenges for Chinese battery manufacturers but also exacerbates the difficulties faced by South Korean battery makers, who are heavily reliant on the European and American markets. Consequently, the market share of installed battery capacity by South Korea’s three leading battery enterprises has declined since the beginning of this year compared to the same period last year, with certain companies even facing a “crisis” since mid-year.
Industry insiders indicate that in response to the current market changes, South Korean battery firms are pinning their hopes on new battery products and expanding into areas such as commercial vehicles to facilitate a “turnaround” by 2025.
Source: WeChat Official Account—电池中国
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