Germany’s electric vehicle market is booming, with registrations soaring amid high fuel prices and government incentives.

In the first half of 2023, electric vehicle registrations in Germany increased by 48%, totaling nearly 370,000 units. The surge is attributed to rising fuel prices and a government purchase incentive, with June alone seeing 84,057 new electric vehicles registered, a staggering 78.2% increase from the previous year.

International manufacturers are capitalizing on this trend, with foreign automakers increasing their market share to 44.2%. Notably, Chinese manufacturer BYD sold 26,000 vehicles in June, four times more than last year. Meanwhile, traditional gasoline and diesel vehicles are losing popularity, with registrations for gasoline cars dropping by 16.8%.