{"id":39225,"date":"2024-10-16T10:26:36","date_gmt":"2024-10-16T14:26:36","guid":{"rendered":"https:\/\/www.bloomberg.com\/company\/press\/sentiment-towards-battery-electric-vehicles-falls-in-europe-according-to-car-buying-intentions-survey-from-bloomberg-intelligence\/"},"modified":"2024-10-16T10:49:52","modified_gmt":"2024-10-16T14:49:52","slug":"sentiment-towards-battery-electric-vehicles-falls-in-europe-according-to-car-buying-intentions-survey-from-bloomberg-intelligence","status":"publish","type":"press","link":"https:\/\/www.bloomberg.com\/company\/press\/sentiment-towards-battery-electric-vehicles-falls-in-europe-according-to-car-buying-intentions-survey-from-bloomberg-intelligence\/","title":{"rendered":"Sentiment Towards Battery Electric Vehicles Falls in Europe, According to Car Buying Intentions Survey from Bloomberg Intelligence"},"content":{"rendered":"
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London, October 16, 2024 \u2014<\/strong> Only 16% of Europeans planning to buy a car in the next year say they will opt for a Battery Electric Vehicle (BEV), according to the latest car buying intentions survey from Bloomberg Intelligence (BI), underscoring the ongoing challenges faced by automakers, particularly pure play electric vehicle manufacturers.<\/p>\n

Canvassing consumers in Germany, the UK, France, Italy and Spain, the study found that almost half (45%) of respondents said they would prefer to buy a hybrid. Just under three quarters (72%) expressed concern about buying a Chinese-branded car, with the proportion falling to 63% for prospective BEV buyers.<\/p>\n

Michael Dean, BI Senior Industry Analyst \u2013 Autos, said:<\/strong> \u201cApathy towards battery electric vehicles has grown among European consumers just as legacy brands need to sell more of the technology to be compliant with new 2025 EU CO2 emission targets. And while hybrids remain popular, split evenly between plug-in hybrids (PHEVs) and hybrid electric vehicles (HEVs), neither is yet reflected in sales, with 2024 shares of 7% and 11%, respectively, due to the high prices of the former and limited availability of all hybrids.”<\/p>\n

\u201cWe\u2019re also seeing consumers needing reassurance on the quality and second-hand value of imported Chinese brands. Weak sentiment towards Chinese-branded cars poses an added challenge for BYD and Geely, which must already contend with the strong loyalty enjoyed by domestic EU brands. Apart from MG, Chinese BEVs aren’t even yet competing on price and are unlikely to do so in the mid-term, given punitive EU tariffs from November on imported BEVs from China.\u201d<\/p>\n

The BI survey found that Toyota has overtaken Audi as the most popular automotive brand for European consumers, due in part to its extensive HEV range. Audi was pushed to second place but it\u2019s positioning remains encouraging for the brand, believes BI, as the firm looks to launch a wave of new products over the next six months. Volkswagen, BMW and Ford made up the top five most popular brands, with Ford polling significantly behind.<\/p>\n

About 70% of respondents said they disagree with the ban on the sale of new Internal Combustion Engine (ICE) vehicles – including hybrids \u2013 in Europe by 2035, with 40% believing it should be a personal choice.<\/p>\n

Dean added:<\/strong> \u201cHigh prices, range anxiety and a lack of public chargers remain drivers\u2019 key reasons to avoid BEVs. This may prompt some governments to delay the ICE phaseout to win popular support, like The European People\u2019s Party seeking to revise the ICE ban and bring forward, to 2025 from 2026, when the ban can be debated. In addition, there’s growing scrutiny over the cradle-to-grave carbon footprint of BEVs, so alternatives, such as hydrogen and e-fuels that can be used in ICE vehicles, may become attractive.”<\/p>\n

\u201cFailure to meet stricter CO2 emission rules in 2025 could put VW, Ford, Stellantis and the Renault Alliance most at risk of fines totalling \u20ac5 billion next year, based on our emissions calculator. Looking ahead, we foresee pressure on industry margins, as we forecast a higher mix of lower-margin BEVs will be sold. That’s set to be exacerbated by the need to incentivize consumers unprepared for high BEV prices at a 35% premium over ICEs in Europe.\u201d<\/p>\n

To receive a copy of the latest BI Auto Survey Key European Takeaways report or to speak with Michael Dean, BI Senior Industry Analyst \u2013 Autos, please contact<\/em><\/strong>\u00a0<\/em><\/strong>ahay38@bloomberg.net<\/em><\/strong><\/a><\/p>\n

Methodology
\n<\/strong>BI’s survey on auto-buying intentions in Europe focused on the largest five markets (Germany, the UK, France, Italy and Spain — making up about 70% of the region’s sales) and was carried out on October 3-8, using the Attest platform. The target audience of 1,500 adults was selected using criteria specified by BI to reflect a nationally representative sample of geography and gender. The age distribution reflects that of German car buyers in 2024 (till August), according to Kraftfahrt-Bundesamt (KBA) data. Respondents qualified if they were planning to buy a brand new car in the next year.<\/p>\n

Contact
\n<\/strong>Alaina Hay
\nBloomberg Intelligence
\nahay38@bloomberg.net<\/a><\/p>\n

About Bloomberg Intelligence
\n<\/strong>Bloomberg Intelligence (BI) research delivers an independent perspective providing interactive data and investment research on over 2,000 companies, 135 industries and all global markets. Our team of over 400 research professionals help our clients make decisions with confidence in the rapidly moving investment landscape. BI analysis is backed by live, transparent data from Bloomberg and more than 600 third-party data contributors that clients can use to refine and support their ideas. Bloomberg Intelligence is available exclusively on the Bloomberg Terminal and the Bloomberg Professional App. Visit us at https:\/\/www.bloomberg.com\/professional\/product\/bloomberg-intelligence\/ or request a demo.<\/p>\n

About Bloomberg
\n<\/strong>Bloomberg, the global business and financial information and news leader, gives influential decision makers a critical edge by connecting them to a dynamic network of information, people and ideas. The company\u2019s strength \u2013 delivering data, news and analytics through innovative technology, quickly and accurately \u2013 is at the core of the Bloomberg Terminal. Bloomberg\u2019s enterprise solutions build on the company\u2019s core strength: leveraging technology to allow customers to access, integrate, distribute and manage data and information across organizations more efficiently and effectively. For more information, visit Bloomberg.com\/company or request a demo.<\/p>\n

Disclaimer
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Bloomberg Intelligence is a service provided by Bloomberg Finance L.P. and its affiliates. Bloomberg Intelligence likewise shall not constitute, nor be construed as, investment advice or investment recommendations, or as information sufficient upon which to base an investment decision. The Bloomberg Intelligence function, and the information provided by Bloomberg Intelligence, is impersonal and is not based on the consideration of any customer’s individual circumstances. You should determine on your own whether you agree with Bloomberg Intelligence.<\/p>\n

Bloomberg Intelligence Credit and Company research is offered only in certain jurisdictions. Bloomberg Intelligence should not be construed as tax or accounting advice or as a service designed to facilitate any Bloomberg Intelligence subscriber’s compliance with its tax, accounting, or other legal obligations. Employees involved in Bloomberg Intelligence may hold positions in the securities analyzed or discussed on Bloomberg Intelligence.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\t\t\n\t<\/div>\n<\/div>\n

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