Sweden’s Plug-In EV Market Share Is At 59.4%, And The Volvo XC40 Is Growing

The percentage of plug-in electric vehicles in Sweden increased from 50.1% to 59.4% in October. From 22.9% YoY, Full Electrics alone took 35.5% of the market. Auto volume overall was 22,383 units, up 12% year over year but still about 25% below pre-2020 seasonal norms. The Volvo XC40 had the best full electric sales in October.

The aggregate plugin result for October was 59.4%, of which 35.5% were full electric vehicles (BEVs), and 23.8% were plugin hybrids (PHEVs). Their respective shares were 22.9% and 28.0% a year ago.

The combined share for October was the second-highest on record, after December 2021 (60.7%), which is encouraging for a new record share by the year’s conclusion.

Sales of BEVs increased dramatically (74% YoY) in volume, whereas PHEV sales dropped (4% YoY).

The volume of conventional combustion-only powertrains decreased by over 21% YoY, reaching a new low of 6,455 combined units. Additionally, their combined share fell to a historic low of 28.8%, lower than BEVs by themselves.

TOP SELLER BEVS The Volvo XC40 advanced from second place in September to first place in October. This follows a short hiatus from the top 20 from June to August. Second place went to the Volkswagen ID.4, while third place went to the updated Kia Niro.

With the exception of one BYD Tang unit—which is already well-established in the neighboring country of Norway—there were no notable newcomers in the October findings. With 171 units, the Renault Megane experienced its highest monthly volume to date and moved up to 18th place.

Now let’s discuss the longer-term trends:

In the rankings for the previous three months, the Volkswagen ID.4 once again claimed the top spot, followed by the Volvo XC40 and the Skoda Enyaq.

The main climbers from May to July are summarized as follows:

From 12th to 2nd place, the Volvo XC40 advanced. Nissan Leaf advanced from thirteen to four. Volvo C40 improved from 40th to 9th place. VW ID.5 climbed from 25th to 12th, VW ID.3 climbed from 21st to 16th, and Tesla Model 3 climbed from 29th to 11th. MG5 improved from 20th to 17th place. Other models dropped off the list:

Tesla’s Model Y dropped from first to tenth. MGS dropped from fifth to eighth. Audi e-tron dropped from 7th to 35th place. MG Marvel R dropped from 9th to 14th place. Cupra Born dropped from ten to fifteen. BMW i4 dropped from 11th to 21st place. From 14th to 23rd place, Citroen C4 advanced. As usual, a large portion of the ranking changes are the result of short-term regional allocation decisions based on constrained production levels, rather than substantive changes in demand.

OUTLOOK Mobility Sweden, a trade association for Sweden’s auto sector, points out that YTD auto numbers are still down 10% from the low baseline of 2021.

They claim that “business concerns are developing over rising energy prices, shortages of essential components, and declining consumer demand.” (Automatic translation: Mobility Sweden )

The chief economist of Mobility Sweden says the short-term outlook is as follows:

“A big gap exists between orders and production in the automobile industry as a result of the ongoing massive disruptions in the world’s supply chains caused by political and economic upheaval. Additionally, there is a dearth of crucial essential components. The Swedish automobile market is impacted by both longer delivery times and higher prices as a result of production disruptions, rising energy prices, rising costs for raw products and transportation, a weak krona, and general unrest.

“In recent weeks, we have observed a considerable slowdown in demand in the customer dialogue, which is caused by the economic environment. This, together with households’ pessimistic assessment of their own finances, casts a shadow of doubt over the auto industry. (Machine translation provided by Sofia Linder, Chief Economist of Mobility Sweden )

Plugins still have lower long-term costs of ownership than combustion-only vehicles, thus we may anticipate that those (fewer) people in the market for a new car will continue to prefer them.

Therefore, market share of plugins should keep increasing gradually, however volume growth is a different story and depends on the state of supply chains and the forecast for consumers’ economic health.

Although a lot will depend on the state of the supply, I would anticipate that the plugin share for December will surpass 60% and set a new high.

What do you think about Sweden’s auto industry’s move toward electric vehicles? Please participate in the conversation in the section below.

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