European Car Sales Gain as Italy's EV Subsidies Draw Buyers.

European car sales increased in June, driven by a surge in demand for electric cars in Italy due to the introduction of government subsidies. However, overall electric vehicle (EV) sales in Europe remained flat, as declines in Germany and France offset the gains in Italy. The market share for battery-powered cars also slightly declined. The high prices of EVs and the removal of subsidies by some governments have hindered the shift towards electric vehicles in Europe. The European Union's auto sales are still below pre-pandemic levels, and consumer sentiment is affected by high borrowing costs and muted growth. The demand for EVs is highly influenced by buying incentives, as seen in the decline in registrations in Germany and Sweden after the removal of subsidies. Conversely, the introduction of subsidies in Italy led to a significant increase in EV registrations. Tesla's sales in the region continued to decline. [Extracted from the article]