Car Sales in Europe Show Mixed Trends in September
In September 2024, car registrations in Western Europe, which includes the EU, EFTA, and the United Kingdom, totaled 1,118,083, marking a decrease of 4.2% compared to the same month in 2023. Despite this decline, the total sales for the first nine months of the year reached 9,779,605 units, showing a slight growth of 1% year-on-year. Notably, Stellantis, one of the major automotive groups, experienced a significant drop in sales, with a 26% decrease in September and a 6% decline overall for the year to date.
The automotive market is witnessing a significant shift towards hybrid vehicles. For the first time, hybrid car sales surpassed those of petrol cars in September, capturing 32.8% of the market compared to 29.8% for petrol vehicles, which saw a decline of 17.9%. This shift is largely attributed to the rising popularity of hybrid models in France and Spain, benefiting manufacturers like Toyota, known for its hybrid technology. Meanwhile, diesel cars continue to see a sharp decline, now representing only 10.4% of the market.
Electric Vehicle Sales Experience Rebound
In addition to hybrids, electric vehicle sales have also rebounded, constituting 17.3% of new car registrations in September, which is a 9.8% increase from the previous year. This resurgence comes after several months of declining sales, particularly in Germany, where the end of purchase bonuses had previously stifled growth. However, despite this positive trend, electric vehicle sales are still down 5.8% compared to the same period last year, indicating that the transition to electric mobility is not progressing as rapidly as anticipated.
Sigrid de Vries, general director of ACEA, highlighted the need for consistent growth in electric vehicle sales, noting that many manufacturers risk facing substantial fines if they do not meet CO2 emissions targets by the end of 2024. This has led to calls for the European Commission to reconsider current emissions regulations to allow for a longer sales period for combustion-engine cars.
Challenges Facing the European Automotive Market
Overall, the European automotive market remains weak, with a 6.1% decline year-on-year. This downturn is particularly evident in major markets like Germany, France, and Italy. While Volkswagen managed to maintain stable sales in September, Stellantis reported a steep decline of 27.1% for the month. Despite these challenges, Stellantis remains committed to its long-term strategy, emphasizing resilience in the face of difficult market conditions.
With the automotive industry navigating through a complex economic landscape and shifting consumer preferences, the transition towards greener technologies continues to be a focal point for manufacturers and policymakers alike.
