SunSirs: EU Passenger Car Sales slightly Increase 1.1% in October 2024, Pure Electric Vehicle Market Share Remains Stable

According to the latest data released by the European Automobile Manufacturers Association (ACEA), the sales volume of the EU passenger car market reversed its downward trend in October 2024, with a slight increase of 1.1%. Spain led the way with strong growth of 7.2%, while Germany rebounded after three consecutive months of decline, growing by 6%. France (-11.1%) and Italy (-9.1%) both experienced a decline.

In the first 10 months, the number of new car registrations in the EU remained stable (+0.7%), reaching 8.9 million units. The markets of Spain (+4.9%) and Italy (+0.9%) performed well, while France and Germany experienced declines (-2.7% and -0.4%, respectively).

In October, the market share of pure electric vehicles in the European Union remained stable at 14.4%. So far this year, sales have decreased by 4.9%, and market share has also dropped from 14% last year to 13.2%.

The registration of plug-in hybrid electric vehicles also decreased by 7.2% in October. This month, the market share of this type of car reached 7.7%, a decrease of 0.7 percentage points compared to the same period last year.

Electric vehicle

In October, the registration of electric vehicles increased by 2.4% to 124,907 units. However, the market sales so far this year are still 4.9% lower than the same period last year, with a total market share of 14.4%. This decline is mainly due to a significant decrease in registration volume in Germany (-26.6%).

In October, the registration of plug-in hybrid vehicles decreased by 7.2%, following a significant decline in registration in France (-26.9%) and Italy (-24.9%). In October, plug-in hybrid vehicles accounted for 7.7% of the automotive market, down from 8.4% last year. Sales have also declined so far this year, with a decrease of 7.9% compared to the same period last year.

In October, the registration of hybrid vehicles increased by 17.5%, and the market share rose from 28.6% in October last year to 33.3%, surpassing the registration of gasoline vehicles for the second consecutive month.

Gasoline and diesel vehicles

In October, the overall sales of gasoline cars decreased by 6.8%. France experienced the largest decline, with a 32.7% drop in registration volume, followed by Italy with a 10.1% decrease. The decline in Spain was relatively small, at 1.6%, while Germany was the only major market to see growth, with gasoline car registrations increasing by 3.7%.

Gasoline vehicles currently hold a market share of 30.8%, lower than the 33.4% in the same period last year. The diesel car market decreased by 7.6%, resulting in a market share of 10.9% in October last year. Overall, nearly two-thirds of the EU markets have experienced a decline.

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