New car registrations in the EU rose for the fourth consecutive month in October. 916,600 cars were newly registered – 5.8 percent more than in the same month last year, as reported by the manufacturers’ association ACEA on Tuesday. So far this year, 8.97 million cars have been registered, a 1.4 percent increase compared to the same period last year.
Hybrid vehicles have been the most popular category so far this year, with a market share of 34.6 percent, an increase of 15.6 percent compared to the previous year. In addition, 819,000 plug-in hybrids were sold – 32.4 percent more than in the same period last year.
Pure electric vehicles have achieved a market share of 16.4 percent so far this year, compared to 13.2 percent last year. Across the EU, 1.47 million electric vehicles have been sold, 25.7 percent more than last year. This increase was primarily driven by Germany, where the number of newly registered electric vehicles rose by 39.4 percent.
According to the consulting firm EY, there is no “electric vehicle boom” to speak of, as registration figures declined sharply in 2024. Compared to 2023, this results in a growth rate of only nine percent. “The currently high growth rates should not obscure the fact that electromobility is developing far more weakly than expected a few years ago,” explained EY expert Constantin Gall.
German automakers are holding their own so far this year. “Overall, new passenger car registrations from the three major German car manufacturers increased by 4.9 percent in the first ten months of the year – compared to a 1.4 percent rise in the overall market,” explained EY. “Their combined market share thus rose from 38.4 to 39.7 percent.” Renault also reported above-average growth, while Stellantis, Toyota, Hyundai, and Tesla lost market share.
AFP – Translated by Blackout News