Europe car sales drop in March as EV weakness persists

New-vehicle registrations dropped to 1.38 million units last month, the European Automobile Manufacturers’ Association said Thursday. Sales of battery-powered cars fell 11 per cent as consumers in Germany, Sweden and Norway cooled.

The decline, due in part to the timing of Easter, is the second in four months and underscores the pressure carmakers face amid higher interest rates, weaker economic growth and the phasing out of generous subsidies to stoke demand for EVs. Volkswagen, Mercedes-Benz and Tesla have all reported lower EV sales in the first quarter of the year.

Italy’s EV sales declined 34 per cent last month as customers held back purchases in anticipation of possible new subsidies under consideration by the government. Germany’s EV sales slumped 29 per cent, even as manufacturers such as Volkswagen introduced their own rebates in a bid to compensate for the country’s aid cuts.

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