August noticed plugin EVs take over 60% share in Sweden, considerably up from 46% yr on yr. Full electrics alone took over 40% of the market, with plugin hybrids virtually 20%. General auto quantity was 23,871 items, up some 16% YoY, however nonetheless properly beneath pre-2020 seasonal norms (sometimes near 30,000). The Tesla Mannequin Y was August’s finest promoting car.
EVs Take Over 60% Share In Sweden
August’s outcomes noticed EVs take 60.1% mixed share, with 41.0% full electrics (BEVs), and 19.1% plugin hybrids (PHEVs). These evaluate with like figures from August 2022 of 46.1%, 28.3%, and 17.8%. We will see that BEV share has grown properly over the previous 12 months, and seems on monitor to usually exceed 50% of the market throughout the subsequent yr or so.
unit volumes, PHEVs grew by 25% YoY to 4,557 items, whereas BEVs grew a robust 68% to 9,784 items. Each different powertrain misplaced quantity YoY, with diesels declining by some 22%, and plugless hybrids seeing a 26% quantity drop.
Mixed combustion-only powertrain share was properly below a 3rd of the market, at 29.7%. Their share will possible fall beneath 1 / 4, constantly, by the top of this yr.
The trailing 3 months’ plugin share now stands at 59.7% (from 50.9% YoY). Anticipate that to achieve near 70% by the top of December.
EVs Take Over 60% Share In Sweden – Evolution
August’s Bestsellers
The Tesla Mannequin Y has climbed again to the highest of the gross sales charts in August, with 1,506 items, after a logistics lull in July. It was simply forward of the Volkswagen ID.4, whereas the Skoda Enyaq was a way additional again, taking third.
The Volkswagen ID.4 noticed its finest month of 2023, and the primary time since December that over 1,000 items have been delivered.
The one different outsized efficiency within the prime 10 was the MG4, in eighth spot, which noticed a report quantity of 345 items, virtually 50% greater than its current averages.
After having seen a robust supply month in July, taking the lead, it was the BYD Atto 3’s flip to have a low ebb of shipments in August, and it fell again to tenth spot.
There have been three new BEV fashions making their gross sales debut within the Swedish market in August. Most important was Stellantis’ new Jeep Avenger, a diminutive B-segment crossover, with competent vary (400 km WLTP), priced from 470,00 SEK (€39,000). This has already shipped over 3,000 items inside Europe, already on the streets of Germany, France, Italy, Norway, and elsewhere — lets see how in style it proves to be in Sweden. August noticed an preliminary 16 items, however we will count on that to shortly enhance to over 100 items per 30 days.
The subsequent newcomer in Sweden was the Xpeng P7, with 25 items offered in August. The P7 is a D-segment sedan, earlier iterations of which have been on sale in China since mid-2020, although it has quickly advanced and improved since then. Its pricing begins from 600,000 SEK (round €50,000).
The ultimate newcomer is the Honda e:Ny1, with simply 12 items delivered. This can be a smallish crossover (4,387 mm size) costing SEK 530,000+ (€44,500+). It has okay vary (412 km WLTP), however — like Honda’s earlier BEV effort, the “Honda-e” — I don’t assume it will likely be a giant vendor, on account of “DC fast-charging functionality that may go from 10 to 80% in simply 45 minutes” as Honda themselves put it.
Let’s be clear — 45 minutes charging isn’t precisely described as “simply” for a BEV at this worth level, launched in mid-2023. It’s concerning the slowest charging of any new BEV launched over the previous few years. Most competitor BEVs launched since 2020 can recharge 10% – 80% in round half-hour or quicker. The Hyundai Ioniq 5, Ioniq 6, and Kia EV6 — bigger, with extra vary, and solely a bit costlier — take 18 minutes, about the identical length as a traditional consolation break on an extended journey. The Ioniq 5 launched over 2 years in the past.
The extra reasonably priced Jeep Avenger, above, wants solely 26 minutes to recharge 10% – 80%.
It seems to me that Honda continues to be foot dragging the transition to BEVs, similar to many of the different Japanese automakers, they’re caught of their recurring dream of hydrogen gasoline cell automobiles. We must see what the Swedish market thinks of this lacklustre effort.
Let’s now flip to the trailing 3 month efficiency:
But once more, the Tesla Mannequin Y is within the prime spot, with an honest margin over the 2nd place Volkswagen ID.4. The others are all a good distance again from the 2 leaders.
The most important climb is from the BYD Atto 3, which was in twenty ninth spot on the finish of Could. It has now shot as much as 4th spot. A lot of this is because of uneven supply logistics, but it surely definitely seems that BYD at the moment are attempting to have a extra constant cargo sample.
The BMW i4 has additionally seen a very good enchancment, now in fifth spot, from tenth within the earlier interval.
Likewise, the MG4 improved, climbing from 18th to eleventh. As maybe Europe’s finest worth BEV, it could nonetheless have additional to climb.
Outlook
The 16% YoY progress in auto gross sales — all because of plugin EVs — is a uncommon level of fine information in a broader Swedish financial system that is still in recession. Swedish monetary group, SEB, has not too long ago forecast that “In Sweden, GDP will fall by 1.2 per cent this yr on account of weak households and a deep decline in housing development, adopted by basically zero progress in 2024.”
Inflation stays very excessive at 9.3%, unchanged from final month. Rates of interest are additionally at a 5 yr excessive (3.75%).
All of this factors to a robust squeeze on family spending, evidenced by 7 out of 10 new EV gross sales coming from enterprise clients, relatively than non-public shoppers, in accordance with Mobility Sweden. They state that that is “pushed by the businesses’ willingness to reposition their car fleets. New gross sales on the non-public aspect are nonetheless ice chilly.”
While the outlook for auto gross sales general is gloomy, together with the broader financial system, the EV transition — the share of latest gross sales changing over to plugins — appears more likely to proceed at an honest tempo. The long run complete price financial savings of plugins continues to be advantageous, with gasoline costs nonetheless excessive at $1.90 per litre, one thing that firm fleet managers are certainly conscious of.
What are your ideas on Sweden’s EV transition? Please soar in to the feedback and be a part of the dialogue.
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