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Despite facing challenges, the European EV market is expected to flourish. Following a slump in 2024, where the market contracted by 3%, projections indicate a rebound driven by legislative measures and emission targets set across the EU. Major automakers, like Hyundai, have committed to doubling their sales figures to avoid significant financial penalties associated with failing to meet sales targets.
European manufacturers will also need to address pricing disparities that currently see EV prices higher than those of internal combustion vehicles. While prices for EVs worldwide fell by 12% in 2024, Europe continues to experience inflated costs for electric cars, presenting a misalignment that companies must address to remain competitive.