European BEV registration growth accelerates

May saw a 65.6pc jump in new BEV registrations this year compared to the same month last year in the EU+Efta+UK, according to the latest figures from the European Automobile Manufacturers’ Association, or Acea. For the year as a whole, BEV sales are now 42.3pc ahead of 2022.

Year-on-year growth has been rising each month (see Fig.1), but May represents the first month of 2023 where the rate has been above 50pc. In contrast, growth rates for gasoline and diesel ICEs have remained subdued, with May’s 6.8pc increase the third month so far where single-digit growth has been recorded.