The Greeks Began To Actively Buy Electric Cars

Market participants and the long-term trend of car registrations indicate that sales of electric vehicles (EVs) are expected to experience significant growth this year. A testament to this steady upward trajectory is the data from Tesla Greece, a company directly affiliated with Elon Musk's Tesla Group in the US.

In the previous fiscal year, Tesla Greece not only achieved its objective of commercializing Tesla vehicles but also made strides in research and development (R&D), resulting in a 20.4% increase in sales revenue compared to 2021, reaching 34.4 million euros. When factoring in the contributions from the R&D business, Tesla Greece's total income amounted to 35.5 million euros. Despite the high cost of goods sold, which stood at approximately 32 million euros, the company reported a pre-tax profit of 634,000 euros and an after-tax profit of 362,400 euros.

Tesla made its initial 11 vehicle sales in December 2020, followed by around 606 sales in 2021, maintaining a steady pace in 2022. However, this year appears to be one of the company's strongest, as Tesla vehicle registrations in the first five months have more than tripled compared to the same period in 2022, totalling 772 registrations, as reported by the Automobile Dealers Importers Association. This remarkable growth can be attributed to the successful management of supply chain challenges, and Tesla envisions an average annual sales growth of 50% in the coming years.

The impressive performance of Tesla Greece aligns with the broader expansion of electric vehicle sales. Based on first-quarter shipments alone, electric and plug-in hybrid vehicles account for 5.85% of total sales, according to data from insurance company Pricefox. This percentage was a mere 0.3% in 2019 and rose to 4.7% in 2022. In the first quarter of this year, 4,055 plug-in hybrids and electric vehicles were sold, surpassing the figures of 1,880 in the same period in 2022, 6,700 in 2021, and 2,135 in 2020. Leading the pack are the Tesla Model Y and Model 3, followed by the Volkswagen ID.4, Fiat 500, and Volvo XC40.

Dimitris Tsatiris, CEO of Pricefox, highlights the continuous growth of electric vehicle sales, not only in Greece but also across Europe, where they increased by 20% in the first quarter of this year, surpassing 1.1 million units. He notes that while appropriate infrastructure, such as charging stations, is essential and being rapidly developed in Greece, the operating costs of electric vehicles are significantly lower compared to gasoline vehicles. Over a three-year period, the operating costs for gasoline cars are estimated at around 1,200 euros, whereas for electric vehicles, they amount to slightly over 200 euros*. It is important to note that this estimation excludes the cost of battery replacement, which typically amounts to half the vehicle's cost and has a lifespan of up to eight years.

• Please note that the cost comparison excludes the expense of replacing the battery, which is typically around half the vehicle's cost and has a lifespan of up to eight years.