Germany’s Electric Car Market Crashes as Subsidies Fade – Industry in Peril
Germany’s electric vehicle (EV) market is in freefall, with sales plunging by 69% in August compared to the previous year. With only 27,000 EVs sold, the once-promising green transformation faces a harsh reality. Electric cars now represent just 14% of the market, down from over 15% a year ago. This sharp decline is a blow to automakers who had planned to pivot away from combustion engines.
The auto industry is a cornerstone of Germany’s economy, which is the largest in the Eurozone. The ongoing crisis in the automotive sector, combined with a broader economic downturn, threatens to ripple across the entire region. Last year’s sales boom, driven by expiring government subsidies, masked deeper issues. Total car sales in Germany also plummeted by 28% in August, hitting 197,000 vehicles. With the recession deepening, can the industry survive without state support?
Last week, Mario Draghi already hinted at the state of the European Union's economy. He wants to see at least 800 billion euros a year in fresh subsidies with credit money in the market to help the anaemic economy get back on its feet. well, good luck with that!
#Germany #ElectricVehicles #EV #AutomotiveCrisis #Recession #GreenEconomy #SubsidyCollapse #EU #Eurozone #AutoIndustry
Ghost of Truth
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2024-09-19 11:22:21
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npub1scljc42jwm576uufxwcwlmntqggy9utwz55a6a2hqjy9hpl7uxps4pzprvPublished at
2024-09-19 11:22:21Event JSON
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"content": "Germany’s Electric Car Market Crashes as Subsidies Fade – Industry in Peril\n\nGermany’s electric vehicle (EV) market is in freefall, with sales plunging by 69% in August compared to the previous year. With only 27,000 EVs sold, the once-promising green transformation faces a harsh reality. Electric cars now represent just 14% of the market, down from over 15% a year ago. This sharp decline is a blow to automakers who had planned to pivot away from combustion engines.\n\nThe auto industry is a cornerstone of Germany’s economy, which is the largest in the Eurozone. The ongoing crisis in the automotive sector, combined with a broader economic downturn, threatens to ripple across the entire region. Last year’s sales boom, driven by expiring government subsidies, masked deeper issues. Total car sales in Germany also plummeted by 28% in August, hitting 197,000 vehicles. With the recession deepening, can the industry survive without state support? \n\nLast week, Mario Draghi already hinted at the state of the European Union's economy. He wants to see at least 800 billion euros a year in fresh subsidies with credit money in the market to help the anaemic economy get back on its feet. well, good luck with that!\n\n#Germany #ElectricVehicles #EV #AutomotiveCrisis #Recession #GreenEconomy #SubsidyCollapse #EU #Eurozone #AutoIndustry",
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