Electric car share of new registrations falls to 14% amid slowdown in demand 

Of the almost 50,000 cars sold between January and March, petrol accounted for 30.7%, while diesel registrations increased to 11,512, from 10,070 a year prior

Despite the electric vehicle slowdown, BMW has seen sales this category outperforming rivals Tesla and Volkswagen. 

The slowdown in electric car sales continues as they accounted for just 14% of new registrations during the first three months of the year, while the proportion of new diesel cars increased, data from the Central Statistics Office (CSO) shows.

New petrol & electric cars up by 59% in first three months of 2024 compared with the same period in 2023https://t.co/Pwnde77dBo#CSOIreland #Ireland #IrishTransport #TransportIreland #Transport #VehicleLicensing #NewVehicle #RoadFreight #Business #BusinessStatistics pic.twitter.com/z8VaKnBSYF

— Central Statistics Office Ireland (@CSOIreland) April 10, 2024

According to the data, there were nearly 50,000 new cars sold between January and March — an increase of nearly 4,000 compared to the same period in 2023. This is despite a decrease of 5% in March year-on-year.

Of the total number of cars sold, 15,284 were petrol cars, accounting for 30.7%. There were an additional 11,202 petrol hybrids sold during those three months, which is a 59% increase compared to last year.

There was an increase in new diesel registrations from 10,070 in early 2023 to 11,512 this year. Diesel cars accounted for 23% of new registrations, up 1%.

Electric cars only accounted for 14%, or 6,780, new cars, registered, which is down from the 16% recorded last year.

Despite a noted slowdown in electric car adoption worldwide, BMW has seen sales in this category surge in recent months outperforming rivals such as Tesla and Volkswagen, which have struggled to cope with faltering demand.

Customer deliveries of battery-powered models such as BMW’s i4, iX1 and i7 jumped 41% in the three months through March compared to the same period last year, the company said. The results helped group electric vehicle sales rise by 28%.

BMW’s results contrasted with the broader slowdown in demand for electric vehicles, particularly in Europe, where battery-powered cars have flattened as a share of overall sales after governments withdrew incentives for electric vehicle purchases.

Volkswagen said its EV deliveries fell 3% so far this year as gains in China failed to offset a 24% decline in Europe.

Mercedes-Benz said its wholesale electric vehicle sales fell 8% during the first three months of the year, citing supply-chain issues, the phase-out of its Smart Fortwo two-seater, and sluggish demand in Germany after state subsidies programmes were scrapped.

Earlier this month, Tesla reported its first year-on-year global sales drop since 2020.

BMW shares rose as much as 1.3% on Wednesday, taking gains this year to 14%, with the stock slightly ahead of rival Mercedes-Benz over the past 12 months. 

Volkswagen shares are at about the same level as they were a year ago, while Tesla’s are 4.4% lower.

• Additional reporting by Bloomberg