European Union electric vehicle registrations rise amid fossil fuel cost concerns

European Union electric vehicle (EV) registrations rose by 40.5% in the first half of the year, reaching 1,220,890 units. This increase brings the EV market share to 20.7%, a 5.1 percentage point rise year-on-year. Plug-in hybrids also saw growth, accounting for 30.5% of the new car market in the first half of 2026.

European Commission President Ursula von der Leyen noted that geopolitical instability, specifically the war in Iran, has cost the EU an additional €90 billion in fossil fuel imports. To mitigate this fiscal burden and strategic risk, the Commission aims to double the share of electricity in the EU by 2040, targeting an annual reduction in fossil fuel imports of €260 billion.

Despite the growth in EVs, challenges remain regarding emissions targets. Current average CO2 emissions for new cars were measured at 103 g/km in March 2025, which is 10% above the 2025 target. Furthermore, the EU must accelerate its charging infrastructure; while there were approximately 1.2 million public chargers in mid-2026, the 2030 goal is 3.5 million, requiring a 35% annual growth rate.