January 29, 2023

EU spent €11.8 billion on imports of non-plug-in hybrid cars last year

BRUSSELS, In 2021, the EU spent €11.8 billion on imports of non-plug-in hybrid cars (41 percent of total extra-EU imports of hybrid and electric cars), €11.4 billion on full electric cars (39 percent) and €5.9 billion on plug-in hybrid cars (20 percent), according to figures published by Eurostat, the statistical office of the European Union.

For all three categories of cars, the value for imports was less than the corresponding value for exports from the EU. Exports of non-plug-in hybrid cars were valued at €22.9 billion, which was more than half of the total extra-EU exports of hybrid and electric cars (55 percent), full electric cars at €12.3 billion (29 percent) and plug-in hybrid cars at €6.8 billion (16 percent).

Electric cars are an important part of the energy transition. They are becoming increasingly popular, with international trade in hybrid (both plug-in and non-plug-in) and full electric cars on the rise.

In value terms, total extra-EU exports of hybrid and electric cars in 2021 totalled €42 billion, which was almost an 800 percent increase compared with 2017 (€4.7 billion). The total import value increased by more than 400 percent from €5.6 billion in 2017 to €29 billion in 2021.

The value of imports for non-plug-in hybrid vehicles into the EU increased by 165 percent in 2021 compared with 2017 (€11.8 billion in 2021 compared with €4.5 billion in 2017). In the same period, the value of imports of hybrid cars increased by almost 800 percent (€5.9 billion compared with €0.67 billion) and that of electric vehicles jumped 2400 percent (€11.4 billion compared with €0.46 billion).

In terms of exports, the largest increase was for non-plug-in hybrid cars; in 2021, exports increased by more than 5000 percent compared with 2017 (€22.9 billion in 2021 compared with €0.4 billion in 2017). Exports of full electric cars increased by 660 percent (€12.3 billion compared with €1.6 billion), while those of plug-in hybrid vehicles increased by 150 percent (€6.8 billion compared with €2.7 billion).

Source: Emirates News Agency