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BEV demand may stall next year – Bloomberg Intelligence

Chris Anthony/Tyrepress

Legacy brands have started to pull back on battery-electric vehicle (BEV) ambitions, and Bloomberg Intelligence’s (BI’s) new car buyers’ poll suggests demand will stall in Europe with consumers wary due to high BEV prices, range anxiety and a lack of charging points. A scaling back should support 2024 margins as lucrative ICE (internal combustion engine) profit faces less dilution from BEVs, while margins are likely to retreat at pureplays such as Tesla.

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Only 16% of European consumers opting for BEVs – Bloomberg Intelligence survey

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Andrew Bogie/Tyres & Accessories

A new survey from Bloomberg Intelligence (BI) on auto-buying intentions finds that EU automakers’ battery-electric vehicle (BEV) growth goals look ambitious, with just 16 per cent of private buyers in Europe favouring them. 44 per cent opting for hybrids that play to BMW, Mercedes and Toyota’s strengths and disadvantage pure-play Tesla. Few charging points, range anxiety and high prices are the top concerns amongst respondents. The inaugural auto-buying questionnaire surveyed 1,500 adults planning to buy a car in the next 12 months in the five largest European markets of Germany, UK, France, Italy and Spain – together these making up about 75 per cent of the region’s sales.

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European 2023 car sales set to rebound from 2022 low – Bloomberg Intelligence

European new-car sales rose 17 per cent in May – a 10th straight month of growth – thanks to a 13.3 per cent year-earlier decline and pent-up demand, finds a new report from Bloomberg Intelligence (BI). This is driven by easy year-earlier comparisons, fewer supply-chain hurdles and pent-up demand.

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  1. Most successful year for electric cars, but 2021 UK registrations just 1% higher than 2020
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  4. European car sales could grow 5-10 per cent in 2023 as battery electric vehicle competition heats up
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European car sales could grow 5-10 per cent in 2023 as battery electric vehicle competition heats up

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Volkswagen

A new automotive report from Bloomberg Intelligence (BI) anticipates 5-10 per cent growth for European car sales in 2023. European car sales climbed 12 per cent in January, helped by easy year-earlier comparisons, fewer supply-chain hurdles and pent-up demand that boosted registrations. While these new figures may bode well for sentiment, they still trail 2019 considerably, 25 per cent lower. In BEV share, the UK led other European nations, but other major markets now have the benefits of far more generous subsidies reducing the cost of the shift to electric powertrains.

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  4. January rise in UK new car sales marks 6th consecutive month of growth
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