Electric cars gain record market share in Europe

EU crafts response to US green tech subsidies In Norway a record four out of five new cars (79%) sold last year were electric, in a major oil-producing country that aims to end the sale of new fossil fuel cars by 2025 - a decade ahead of the EU's ban.The Italian market was the only one to put a brake on the electric engine in 2022, with sales falling by 26.9%.It was also a strong year for hybrid cars, which achieved a market share of 22.6%. 'Moving fast'Traditional petrol and diesel fuelled cars continued to lose ground, despite still accounting for more than half of EU car sales in 2022 at 52.8%.Diesel, hit by heavy penalties and a shrinking offer in manufacturers' ranges, continues on its downward slope, dropping by almost 20% with 1.5 million vehicles sold. European automakers are investing 250 billion euros ($272 billion) in their electrification, said Luca de Meo, ACEA president and chief executive of French automaker Renault. "The auto industry is moving fast," he said on Tuesday.But De Meo said Europe needs more public charging stations, with installations limited to 2 000 per week in the EU, while 14 000 are needed weekly to ensure the continent's transition."Despite many announcements and recent progress, infrastructure development is lagging behind the industry efforts," De Meo said. Newsletter Weekly Climate Future Weekly An overview of the challenges and opportunities of the climate crisis, as it changes the world we know. Sign up

With their high prices, electric cars are currently being purchased by "wealthy" households, but that should change with the generalisation of electric cars, according to ACEA president.While electric market leader Tesla sharply lowered its prices at the beginning of 2023, De Meo warned that getting into a price war would be counterproductive, adding: "We need to invest". We live in a world where facts and fiction get blurred In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.