January registrations for the Italian market saw a rise on 2023 numbers at 141,946 units, 10.6% more (128,329). However, there is still a significant gap compared to January 2019 (-16.5%).

To date, no Government incentives have been offered to boost sales in Italy as expected. However, it has been reported that at some point next month an ‘Incentives Act’ will be published in the official gazette, where laws and decree are officialized. Parliament is currently approving steps and implementing decree procedures.

For the first time since 2022, market share for BEVs in Switzerland have decreased (-16.8%), most likely due to the introduction of an increased 4% EV tax from the start of the year.

In the French market, a new Transport Minister has been nominated and a new EV bonus system has been published (with a new subsidy of EUR 4,000 compared to EUR 5,000 previously). It is understood that most Chinese makes are not eligible because of their CO2 footprint when considering production and logisitics.

Additional news for the French market includes new legislation being considered for five-seat pick-ups to be classified as passenger cars as opposed to light commercial vehicles (as such, they will be taxable). The scrappage bonus launched in December 2014 will cease at some point this year and a new taxation project for Paris is being planned that will triple parking costs for SUV body types that weigh more than 1.6 tonnes.

Elsewhere in Europe, Palexpo opened its doors this week to the Geneva International Motor Show in Switzerland for the first time in five years. Not to be confused with the 2023 show in Qatar, the Geneva show is a seminal motoring event and is celebrating its 100-year anniversary. However, unlike in previous years, a much-reduced OEM presence meant fewer major global introductions.

Common themes at the show were focussed on the increasingly popular SUV body style, as well as electrification.

Renault showcased its revival of the 5 model, with an updated all-electric five-door version, featuring many styling cues from yesteryear. The Scenic model also received an overhaul with a new SUV body style (not to mention a Car of the Year accolade) and E-Tech powertrains. Sister brand Dacia offered an all-new Duster and a small SUV - the revised EV-only Spring.

Chinese brands featured heavily with BYD displaying the new Seal U and Tang SUVs. In addition, its new luxury sub-brand YangWang showcased the colossal U8, claimed as the world’s most powerful SUV and with the ability to float on water in an emergency.

MG also celebrated the event’s centenary with the global launch of its Cyberster and an all-new MG3 hatch. Plus, US firm Lucid promoted its Gravity SUV, as well as a new performance version of the Air sedan.

Mercedes-Benz Thailand has introduced their "Retail of the Future" business model, putting more emphasis on the online retail experience and nationwide one-price policy. Thailand is world's 11th market under this new business model.

BYD plans to launch electric passenger cars in South Korea by this summer, according to industry sources. The launch model will be a passenger sedan, which is reportedly undergoing performance certification evaluations by Korea Environment Corporation under the Ministry of Environment. BYD's models likely to be eligible for subsidies are the Seal sedan, Dolphin and Atto SUVs.

According to local reports, Hyundai Motor is developing hybrid models for its premium Genesis brand, scheduled to be released in 2025, due to low demand for full electric vehicles.

Last November, Stellantis announced that it had been evaluating the Malaysian manufacturing plant in Gurun, Kedah. They were considering its potential as a regional manufacturing hub for its battery-electric vehicles, to produce models for domestic and export markets in the ASEAN region. As such, the group is on a heavy recruitment drive in the market.

In the US, General Motors confirmed that the Cadillac Lyriq midsize electric crossover has regained eligibility for the full federal USD 7,500 tax credit on purchases of new electric vehicles. Buyers of the model temporarily lost access to the credit as two minor components did not meet new battery sourcing rules effective this year. The vehicle is now expected to comply with the rules after GM pulled ahead a change in how those components are sourced.

Following a series of price reductions across several markets in 2023, Tesla has now raised Model 3 pricing for the third time in a month in the US.

Ford Motor Co said it had cut prices on its Mustang Mach-E electric SUV by up to USD 8,100 after sales fell sharply in January, a sign of slowing demand for full EV models. Ford said the price cuts come as the automaker continues "to adapt to the market to achieve the optimal mix of sales growth and customer value."

Due to the recent trend of slower-than-expected demand for EVs, Mercedes-Benz is recalibrating its EV transition in the US. Previously, the German manufacturer had pledged to go fully electric by 2030, but now plans to continue selling ICE cars well into the next decade. It has now halved its EV goals, and pure electric models and hybrids will account for up to 50% of its sales by 2030.