Generic Hero BannerGeneric Hero Banner
Latest Market News

UK edges Germany to top Europe BEV market in 2024

  • Spanish Market: Battery materials
  • 07/01/25

Sales of battery electric vehicles (BEVs) in the UK last year climbed by 21pc to 381,000 units, according to the Society of Motor Manufacturers and Traders (SMMT), as the country overtook Germany to become the largest BEV market in Europe.

Sales in the UK climbed furthest towards the end of the year, driven by strong corporate subsidies (see graph). Sales in Germany slumped by 27pc to 380,609 units, as consumers continued to feel the loss of a €4,500 purchasing subsidy in December 2023.

Sales in France last year edged down by 2pc, and the halving of EV buyers' subsidies announced in November because of budget constraints is expected to weigh on sales further. France is Europe's third-largest market (see graph).

UK market stays open to China-made EVs

One reason for the UK's surge in BEV sales, after corporate incentives, is trade policy. The UK is one of the few established BEV markets without surplus tariffs on China-made BEVs, beyond unilateral 2.5pc duties agreed by member states of the World Trade Organisation (see graph). Japan, another unrestricted market, recorded just 4,531 units in November compared with 38,531 sales in the UK.

Sales of China-branded BEVs in western Europe have jumped to over 3pc of overall car sales in recent years, a sharp rise but still insignificant as a market share (see graph). But Chinese carmakers accounted for over a half of BEV sales in Europe — 51pc in January-September last year, up from 46pc a year earlier — according to market research firm JATO Dynamics.

UK corporate sales continue to prop up BEV sales

UK private sales to individuals accounted for just 1 in 10 BEV sales last month — of which there were 44,312 — according to SMMT chief executive Mike Hawes.

The remainder — around 89pc — were corporate car sales, much higher than the corporate sector's share of 68.5pc in the overall car sales market. This has risen sharply in recent years, from 57pc and 49pc in 2023 and 2022, respectively.

"At first glance, the apparent drop in demand from private buyers for electric cars may seem concerning. However, it reflects a fundamental shift in how we finance vehicles," Tom Barnard, analyst at Electrifying.com, said. "It's important to note that the sales figures from 2024 exclude private buyers who have benefited from the excellent deals on EVs available through salary sacrifice or personal lease schemes, as these are recorded as fleet registrations."

"Too many PCPs [personal contract purchases], contract hire, finance and motability purchases are recorded as fleet sales when they're being driven by private buyers," Quentin Wilson, founder of EV campaign group FairCharge, said. "We need to change the way these EV registrations are recorded, and fast."

UK BEV sales 2022-24

Europe's three largest BEV markets by sales

Tariffs on Chinese-made EVs of selected EV markets

West European new passenger car market share pc

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

07/02/25

Japan’s domestic EV sales extend fall in January

Japan’s domestic EV sales extend fall in January

Tokyo, 7 February (Argus) — Japanese domestic sales of passenger electric vehicles (EVs) fell for a 15th consecutive month in January, but the decrease rate has slowed. Sales totalled 4,563 units in January 2025, down by 2pc from a year earlier, according to data from three industry groups — the Automobile Dealers Association, the Japan Light Motor Vehicle and Motorcycle Association and the Japan Automobile Importers Association (JAIA). Sales were also down by 12pc on the month. Domestic EV sales continued to fall on the year but the decrease rate slowed in January, marking the first single-digit fall on the year since November 2023. EVs accounted for 1.4pc of Japan's total domestic passenger car sales in January, down by 0.2 percentage points from a year earlier. The decline is mostly because of weaker demand for domestic brand EVs including Toyota. Toyota's EV sales declined sharply to 68 units, down by 74pc from a year earlier. Foreign brand EV sales continued its uptrend, according to JAIA's representative who spoke to Argus . Sales of foreign brand passenger EVs increased by 3.6pc on the year to 1,209 units, marking the third consecutive month of year-on-year growth. But sales from China's BYD fell sharply by around 80pc on the year to 42 units, mostly on the back of delivery suspensions, JAIA added. Imported EVs accounted for around 26pc of Japan's total domestic EV sales. This was largely stable on the year, but down by 31 percentage points from a month earlier. Foreign brand manufacturers tend to increase their sales in December, according to JAIA, leading to relatively lower deliveries in January. By Yusuke Maekawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

US Li salts imports dropped in 2024


06/02/25
06/02/25

US Li salts imports dropped in 2024

Houston, 6 February (Argus) — The US imported 16,170 metric tonnes (t) of lithium salts in 2024, down by 11pc from the prior year, driven by inventory destocking and a slower-than-expected adoption of electric vehicles. Price declines and limited shelf-life prompted US importers to consume lower stocks, while a shift towards lithium iron phosphate (LFP) batteries led to a change in preference for lithium carbonate. Imports of lithium oxide and hydroxide fell by 25pc to 705 tonnes in 2024, while lithium carbonate imports decreased by 10pc to 15,465 tonnes, according to the US Census Bureau. Lithium hydroxide is primarily used in the production of high-energy-density batteries, while lithium carbonate is more commonly utilized in the manufacture of LFP batteries. Argus -assessed prices for 99.5pc grade lithium carbonate fell by 31pc over 2024, reaching $9.1-9.4/kg cif China on 31 December. Chile and Argentina accounted for 98pc of the material, supplying 9,105t and 6,779t, respectively. By Carol Luk Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Japan’s Honda, Nissan mull scrapping merger plan


06/02/25
06/02/25

Japan’s Honda, Nissan mull scrapping merger plan

Tokyo, 6 February (Argus) — Japanese car maker Honda and Nissan are considering ending merger talks, a representative of Honda told Argus today. Ending negotiations for proposed merger is among the issues the two firms are discussing, Honda's representative told Argus on 6 February, without providing further details. Honda will make an official announcement regarding the deal, including its course of action, in mid-February, according to statements released by the firm on 5 February. Nissan similarly commented that the firms are "in the stage of advancing various discussions", according to a statement the company separately released on 5 February. This includes "the contents of the report", the statement said, referring to the local news story about a possible withdrawal from the basic merger agreement with Honda. Nissan reiterated that the report is not based on any official announcement from the company. This comes only several weeks after the firms launched formal merger negotiations in late December 2024. This included setting up a joint holding company under which the current brands would operate as subsidiaries. The merger plan was partly aimed at jointly developing electric vehicles (EVs) along with studying possible areas of co-operation in developing automotive software platforms, core components relating to EVs and complementary products. Tough negotiation was anticipated from the beginning partly because of Nissan's financial struggles. Honda had suggested the merger plan could be scrapped depending on Nissan's turnaround, reiterating that the proposed merger is not aimed at alleviating Nissan's financial situation. By Yusuke Maekawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

German EV registrations rise on the month in January


05/02/25
05/02/25

German EV registrations rise on the month in January

London, 5 February (Argus) — New electric vehicle (EV) registrations in Germany rose on the month and on the year in January, data from motor transport authority KBA show. • New EV registrations rose by 937 units on the month to 34,498 in January, marking a 53.5pc increase on the year. Despite the rise, sales of EVs made by US carmaker Tesla declined significantly in Germany over the past year ( see graph ). • Plug-in hybrid registrations fell by 1,391 on the month to 17,712, but were up by 8.5pc on the year. • Registrations of other hybrid vehicles decreased by 11,318 from December to 59,252, but were up by 23.1pc on the year. • Gasoline-fuelled car registrations fell by 6,975 on the month to 62,358, and were down by 23.7pc from January last year. • Diesel-fuelled car registrations rose by 1,925 on the month to 32,956, but were down by 19.5pc on the year. • Average CO2 emissions fell slightly on the month to 113.6 g/km in January, down from 115.1 g/km in December. Average CO2 emissions were down 9.5pc on the year. By John Horstmann New German car registrations units Fuel Nov % of registrations ± Dec ± % Jan 2024 EVs 34,498 16.6 937 53.5 Plug-in hybrid 17,712 8.5 -1,391 23.1 Other hybrid 59,252 28.6 -11,318 13.7 Gasoline 62,358 30.0 -6,975 -23.7 Diesel 32,956 15.9 1,925 -19.5 LPG 859 0.4 -254 -54.8 Natural gas 0 0.0 0 -100.0 — KBA German monthly Tesla sales Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Aqua Metals to double battery grade Li output


04/02/25
04/02/25

Aqua Metals to double battery grade Li output

Houston, 4 February (Argus) — US battery recycler Aqua Metals plans to more than double its production target of battery grade lithium carbonate. It plans to prioritize the production of battery-grade lithium carbonate, with mixed hydroxide precipitate —a solution containing nickel, cobalt, copper, and manganese — completing the remainder of its product portfolio. Although output volume was not disclosed, Aqua's 2023 annual report referred to a Phase One processing capacity of 3,000 metric tonnes/yr of lithium battery black mass, with a total processing capacity of 10,000 t/yr. Aqua is in discussions with feedstock suppliers and customers to support the accelerated plan. By Carol Luk Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more