Posted 1/31/2024, 1:48:00 PM
Germany's EV Market Faces Turbulence as Subsidies End, Demand Dips
- EV sales in Germany, Europe's largest auto market, are projected to drop 14% in 2023 to 451,000 units after subsidy program ended early
- Multiple factors contributing including high inflation, rising car prices, subpar charging infrastructure
- Renault and Volkswagen postponing EV unit IPOs due to slow demand and difficult market conditions
- Germany's overall auto market expected to shrink 1-2% this year, continuing pandemic-related downward trend
- Automakers like BMW investing in EV production capacity despite near-term headwinds to demand