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Austerity plans will prevent governments in Europe from boosting 2012 sales through scrappage programs and other incentives offered in previous years. European sales are expected to be flat or down slightly, to just over 19 million units, according to Polk.
This was largely caused by high sales growth of extended-range EVs (EREVs), popularised by BYD and Li Auto. However, the Union of Auto Workers strikes highlighted the risks that EVs may pose to domestic OEMs. This was calculated assuming normal scrappage rates. The market’s swing towards PHEVs, from 18.3% This was up from 2.1%
Assuming normal scrappage rates, EV Volumes forecasts it will take until 2042 for half the global fleet to be electric. This was largely caused by high sales growth of BYD PHEVs and Li Auto extended-range electric vehicle (EREV) SUVs. Thailand, for example, has lowered the interest rate for automotive loans.
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