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In 2024, the European automotive landscape showed a mix of progress and challenges for battery-electric vehicles (BEVs).

BEVs in the UK enjoyed consistent growth throughout the year, with every month recording an increase up until December. However, the story was different in other parts of Europe. BEV sales experienced a decline in the new-car market, marking a shift away from electric powertrains.

This shift was partially due to the removal of subsidies in Germany and the imposition of countervailing duties on BEVs built in China, following an investigation into unfair subsidisation in China. These measures, implemented in December 2023 and October 2023 respectively, affected BEV registrations and residual values (RVs) in various European countries.

Three-year-old all-electric cars at 60,000km currently retain the lowest level of value of any powertrain in Germany, Italy, France, Spain, and the UK. This trend, coupled with the decline in RVs in Europe's seven major used-car markets, has led Autovista Group editors to reduce their outlooks for 2024 and beyond. Austria is expected to suffer the biggest year-on-year residual value decline of 9.5% by the end of the year.

Despite these challenges, the European automotive industry continued to evolve. The Paris Motor Show returned with a bang in October, attracting over 500,000 visitors and 48 manufacturers, after a smaller turnout at the Geneva International Motor Show in February. Renault unveiled the new Renault 4, a B-segment BEV inspired by its 20-century predecessor, at the Paris Motor Show.

In a surprising turn of events, hybrids have been strong across major used-car markets in 2024, currently leading the Spanish and Austrian markets. Dacia, a manufacturer known for its affordable petrol and diesel vehicles, won three awards in the Small Car, Compact Car, and Compact SUV categories at the Autovista Group Residual Value Awards.

As manufacturers grapple with these changes, some may review their European strategies, potentially switching to other powertrains like plug-in hybrids and extended-range electric vehicles. Others might absorb the costs into their margins, set up production locations in Europe, or avoid passing on the costs to the consumer.

Petrol and diesel vehicles have remained stable and performed well compared to electric powertrains in the used-car market in 2024. BEV volume and share remained low in Spain and Italy, two of Europe's 'big five' markets, while Belgium and the Netherlands surpassed these countries.

In conclusion, while 2024 presented challenges for BEVs in Europe, the industry continues to adapt and innovate. The future of electric vehicles in Europe remains uncertain, but one thing is clear: the industry is far from standing still.