New vehicle registration statistics for Cyprus show electric vehicles accounted for 18% of all new car sales in Q1 2026, compared to 6% in the same period last year. Total EV registrations exceeded 3,800 units in the first quarter alone.
Market Drivers
The rapid adoption is driven by government tax incentives of 50-70% import duty reduction on EV vehicles, growing public charging infrastructure (now exceeding 850 fast-charging locations), and expanded model availability from major manufacturers. Average EV purchase price has declined by 15% year-over-year as battery costs continue to fall.
Popular models include Tesla Model 3, BMW i7, Kia EV6, and domestic EV conversions. Total EV fleet in Cyprus has reached 25,000 vehicles, representing approximately 2.5% of all registered automobiles.
Transportation Sector Transformation
The Cypriot government targets 100% light-duty vehicle electrification by 2040 and has begun pilot programs with electric buses in Nicosia and Limassol. Charging network operators report rapid expansion of grid connections to support increased electricity demand from transport electrification.
