EU new car sales has seen a notable 10.1% increase in car sales in February 2024 compared to the same period last year, according to the European Automobile Manufacturers Association (ACEA).
This growth highlights the ongoing recovery of the automotive sector, with major markets like France, Italy, Spain, and Germany experiencing significant gains. Registrations in these countries rose by 13%, 12.8%, 9.9%, and 5.4% respectively.
A graph showing the 12-month report of the new car sales in The European Union [Image Source: X (@ACEA_auto)]
Hybrid Vehicles Fuel EU New Car Sales
Following a strong start to the year in January, the European car industry’s positive momentum continued into February. Hybrid electric vehicles (HEVs) played a key role in this surge, with sales jumping by 24.7% over the year.
Consequently, HEVs now hold a 28.9% market share in the EU, up from 25.5%. The increasing popularity of hybrid vehicles reflects a wider trend, offering a practical option for consumers not yet ready to fully transition to battery electric vehicles.
Electric Vehicles on the Rise
Electric vehicles, including fully electric, plug-in hybrids, and hybrids, registered an 18.4% year-on-year increase, accounting for nearly half (48.2%) of all new passenger car registrations in February. This marks a significant rise from 44.8% the previous year, indicating a shift in consumer preferences towards more sustainable vehicle options.
Automakers Report Growth in EU New Car Sales
Major automakers such as Volkswagen, Stellantis, and Renault saw their sales grow in February by 9.8%, 12.0%, and 5.8% respectively. Tesla also reported a 15.2% increase in its EU sales, while Chinese automaker SAIC Motor, along with its unit MG Motors, more than doubled its sales. MG Motors introduced the hybrid hatchback MG3 model to the European market, targeting consumers looking for lower-emission alternatives without the need for charging infrastructure.
Overall Market Performance
In total, 995,059 new vehicles were registered in the EU, Britain, and the EFTA in February, marking a 10.2% increase in EU new car sales compared from the previous year. Britain, in particular, saw a 14% rise in registrations, driven by strong demand among fleets and businesses. This overall growth signals the automotive industry’s resilience and its adaptation to evolving consumer demands for more sustainable vehicles, alongside its recovery from previous downturns.
Image Source: CNBC
