Despite predictions of a major slump in automatic sales around the globe, the European auto industry predicts that this will spark a huge uptick in EV sales in the EU – and that’s thanks to a flood of new, cheap models hitting the market.
The European Union could see a 40% growth in market share of battery-electric vehicles by 2024, according to the European Automobile Manufacturers’ Association (ACEA). In conjunction with the opening of COP 28, the organization released its predictions yesterday, alongside a manifesto describing its vision for European policy in the sector.
The ACEA, which represents the 14 major Europe-based automakers and is headed by Luca de Meo, the CEO of Renault Group, claims that a fresh launch of affordable BEVs will boost EV share in the region. It predicts that new EVs with cheaper, smaller LPF batteries – such as the Renault 5 and Citroën models, as well as even smaller cars with more limited range, such as the Twingo and the VW Polo – will attract consumers with low prices, thereby increasing demand.
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