May 27, 2024

Athens News

News in English from Greece

The Greeks began to actively buy electric cars


Sales of electric vehicles are expected to show significant growth this year, according to market participants and the long-term trend of registrations of cars that do not rely – at least exclusively – on an internal combustion engine.

An indication of the steady growth in EV sales is 2022 data for Tesla Greece, a company directly linked to Elon Musk’s US Tesla Group.

The company, whose goal is not only the commercialization of Tesla vehicles, but research and development (R&D) in the last financial year increased sales revenue by 20.4% compared to 2021, to 34.4 million euros. If we take into account the contribution of the R&D business, then the total income Tesla Greece amounted to 35.5 million euros. However, due to the high cost of goods sold, which was around €32 million, profit before and after tax was €634,000 and €362,400 respectively.

Tesla made its first 11 sales of its namesake vehicles in December 2020, rising to around 606 in 2021 and holding steady in 2022. However, this year looks set to be one of the best for the company, as Tesla vehicle registrations in the first five months have more than tripled compared to the same period in 2022, to 772, according to the Automobile Dealers Importers Association. This strong growth is also attributed to mitigating supply chain challenges, and the company believes it will average 50% annual growth in sales over the coming years.

The strong performance of Tesla Greece, however, goes hand in hand with broader growth in electric vehicle sales. Based on first-quarter shipments alone, electric and plug-in hybrids account for 5.85% of all sales, according to data from insurance company Pricefox. This percentage was capped at 0.3% in 2019 and rose to 4.7% for all of 2022. According to the same data, 4,055 plug-in hybrids and electric vehicles were sold in the first quarter, down from 1,880 in the same period in 2022 and 6,700 and 2,135 in 2021 and 2020, respectively. Top-selling vehicles include the Tesla Model Y and 3, while the Volkswagen ID.4, Fiat 500 and Volvo XC40 round out the top five.

“Sales of electric vehicles are constantly growing, not only in Greece, but also at the European level, where they increased by 20% in the first quarter of this year and amounted to more than 1.1 million. Of course, appropriate infrastructure is needed, for example, charging stations, the creation of which is accelerating in Greece.However, despite the initial purchase costs, which are higher for electric vehicles than for gasoline vehicles, the operating costs are much lower, estimated at 1200 euros for three years for gasoline cars, while for electric vehicles they are slightly more than 200 euros *”, notes Pricefox CEO Dimitris Tsatiris.

*Does not include the cost of replacing the battery, which typically costs half the cost of the vehicle and has a lifespan of up to 8 years.



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