Counterpoint: European passenger electric vehicle sales increased 17% year-on-year in Q3 2022

Counterpoint: European passenger electric vehicle sales increased 17% year-on-year in Q3 2022

According to the latest research from Counterpoint, European passenger electric vehicle (EV) sales increased 17% year-on-year in the third quarter of 2022. Battery electric vehicles (BEVs) accounted for 61% of total EV sales in the quarter. Germany was the largest market in the region, accounting for 1/3 of the total, followed by the UK and France.

Market Overview

Mercedes-Benz continues to lead the European electric vehicle market with a 9.2% share in the third quarter of 2022. BEVs accounted for 35% of its total electric vehicle sales, up 75% year-on-year. Its plug-in hybrid EV (PHEV) models include the GLE-Class, GLC-Class and C-Class; while its best-selling BEV models are the EQB, EQA and EQC. Despite Mercedes-Benz's leading position in electric vehicle sales in Europe, it failed to secure a place in the top 10 best-selling models list. Mercedes-Benz has 20 models to choose from, the most of any automaker, but most models have a sales share of less than 1%.

Volkswagen's sales took a hit in the second quarter, with electric vehicle sales down 44% year-on-year. But its supply chain recovered in the third quarter, surpassing BMW to become the second largest electric vehicle brand with a market share of 8.9%. Its BEV models are led by the ID series, including the ID.3, ID.4 and ID.5 models. Its PHEV models saw significant growth in shipments.

BMW slipped to third place with 8.6% sales share. Its pure electric vehicle range accounted for 45% of its electric vehicle sales. The best-selling BEV model was the i3, followed by the i4 and iX. The X5 was its best-selling PHEV model, followed by the 3 Series and X3.

Among other best-selling brands, Tesla's sales increased significantly compared with the previous quarter, and it once again broke into the top 5 brand list. In September, Model Y was the best-selling electric vehicle model in Europe, accounting for 70% of Tesla's sales.

The top 10 electric car models in Europe accounted for around 27% of the electric car market in the third quarter of 2022. The best-selling electric cars were the Tesla Model Y, Volkswagen ID.4 and Ford Kuga.

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