1. March’s auto market in Sweden saw plugin EVs at a 58.1% share, with BEVs at 34.9% and PHEVs at 23.2%.
2. Overall auto volume in March was 23,891 units, down 21% YoY, with the Tesla Model Y as the bestselling BEV.
3. Despite a significant drop in BEV volumes, PHEV sales were flat YoY and combustion-only vehicles saw an increased market share.
In March 2024, Sweden’s auto market saw plugin electric vehicles (EVs) at a 58.1% share, with full battery-electrics (BEVs) at 34.9% and plugin hybrids (PHEVs) at 23.2%. This was slightly lower than March 2023. BEV unit volumes were down significantly year over year, with most brands experiencing a drop in volume, likely due to the absence of purchase incentives and the country’s economic recession. Interestingly, premium and luxury brands like Mercedes fared better than lower-priced brands like Stellantis and MG Motor.
PHEV sales remained flat year over year, with HEV sales also declining. Combustion-only vehicles saw a slight decrease in volume, but their combined market share increased due to the petrol-only side outperforming diesel-only vehicles. The Tesla Model Y was the top-selling BEV for the third consecutive month in Sweden in March.
Looking at the broader outlook, Sweden’s GDP showed signs of improvement, with a slight easing of negative growth rates. Recent plans to lower interest rates may help BEV sales recover. However, the main challenge remains the high prices of BEVs compared to traditional internal combustion engine vehicles. The article discusses the disparity in component costs and retail prices of BEVs, emphasizing the need for changes in pricing to accelerate the transition to electric vehicles in Europe.