EU sales bounce back in 2024
New car registrations returned to growth in Europe in January, bouncing back from a 3.3% reduction in December.
According to the European Automobile Manufacturers’ Association, sales were up 12.1% year-on-year, reaching 851,690 units for the month.
All major markets recorded notable growth, with Germany up 19.1), Italy sales increasing by 10.6%, France increasing by 9.2%, and Spain recording 7.3% rise.
Meanwhile, battery electric vehicles (BEVs) captured 10.9% of the EU car market share with 92,741 units, up from a market share of 9.5% in January 2023. Hybrid-electric cars made up 28.8% of the EU car market share, with 245,068 units, whilst petrol and diesel cars combined totalled almost 50% of the market share, marking a decline from 54% one year ago.
Sue Robinson, chief executive of the National Franchised Dealers Association (NFDA), said: “It is positive to see a return to growth in the EU car market following the contraction experienced in December 2023, particularly with January traditionally being a slower month” said, commenting on the latest (ACEA) figures.
“These numbers build on figures released last week by JATO Dynamics which noted that Europe saw its highest new vehicle registrations since the pandemic in 2023.
“It is also positive to see that electric vehicles have captured a higher market share of the EU car market than at this point last year. This comes amidst positive news regarding EVs from Europe. Last week, the French government announced that it was halting its subsided EV lease programme due to strong demand with plans to resume it again next year.
“In contrast, the UK remains the only major market in Europe without upfront price incentives for private buyers of electric vehicles. This issue has been brought to the attention of the UK Chancellor in NFDA’s budget submission. The upcoming Spring Budget on 6 March presents the UK government with an opportunity to remedy this and drive demand to avoid EV sales from flatlining.”
