The market share of battery-electric vehicles in the European Union will grow by 43 percent next year, driven by a surge of new models, industry association ACEA predicts.
The share of BEVs will rise to 20 percent in 2024 from an expected 14 percent in 2023, ACEA President Luca de Meo said, although the overall market is forecast to grow only slightly next year.
De Meo, who is CEO of Renault Group, said the launches of affordable BEVs will help to boost EV share.
"There will be a product effect from that. We are trying to apply EV powertrains on products that are more mainstream and in the core of the market,” said de Meo, citing upcoming small EVs such as the Renault 5 and future low-cost EVs from Volkswagen Group.
Those cars will use smaller and less expensive batteries, helping to lower prices and increase demand. The Renault 5 will sell for about 25,000 euros, and models from Citroen and Renault will be under 20,000 euros in the next two years.