European Car Sales Drop as High Prices of Electric Models Pose Major Hurdle

Published: Jun 21, 2024 18:56

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[European Car Sales Decline, High Prices of Electric Vehicles Pose Major Hurdle] European carmakers sold 2.6% fewer cars in May than the same period last year, as consumers are put off by the persistently high prices of electric models. The European Automobile Manufacturers Association said on June 20th that the number of new car registrations fell to 1.09 million last month. As several major markets declined, electric car sales dropped by 11%, with their share of total sales also declining. Analysts at Citigroup said in a report that the market's assumptions about electric vehicles are "too optimistic" and that investments need to be reduced.

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