EU new car sales rise 10.1% y/y in February, ACEA says

Electric Car

21/03/2024 07:00

By Alessandro Parodi and Greta Rosen Fondahn
       March 21 (Reuters) - New car sales in the European Union
rose 10.1% year-on-year in February, with the bloc's main
markets all recording solid growth, Europe's automakers
association said on Thursday.
    Registrations rose by 13% in France, 12.8% in Italy, 9.9% in
Spain and 5.4% in Germany, consolidating similar trends seen in
January, the European Automobile Manufacturers Association
(ACEA) said in a statement.
    The four countries were also the main contributors to a
24.7% yearly jump in hybrid electric vehicle (HEV) sales in the
EU, with the market share of HEVs in the bloc increasing to
28.9% from 25.5% a year ago, the data showed.
    Hybrid vehicles, seen as a compromise between all-combustion
and all-electric cars, are emerging as a preferred alternative
to battery electric vehicles for consumers in Europe, the U.S
and China.
    Registrations for all electrified vehicles - fully electric
models, plug-in hybrids and full hybrids - rose by 18.4%
year-on-year and accounted for 48.2% of all new passenger car
registrations in February, up from 44.8% in the previous year.
    Total registrations at Volkswagen  VOWG_p.DE , Stellantis
 STLAM.MI  and Renault  RENA.PA  all rose in February, by 9.8%,
12.0% and 5.8% respectively.
    Electric car company Tesla  TSLA.O  recorded a 15.2%
increase in February sales in the EU. 
    China's SAIC Motor  600104.SS  more than doubled sales in
the EU, Britain and the European Free Trade Association (EFTA).
    In the same month, its unit MG Motors unveiled the hybrid
hatchback MG3 model for the European market, in a bid to offer a
lower-emission model without the need for charging.
    The number of new vehicles registered in the EU, Britain and
the EFTA rose by 10.2% in February to 995,059 vehicles,
according to the ACEA.
    A 14% yearly increase in registrations in Britain was helped
by strong demand in fleets and businesses, the Society of Motor
Manufacturers and Traders (SMMT) said earlier this month.

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
EV adoption in the EU close to the halfway mark    https://reut.rs/4ar1Od7
Race for the market    https://reut.rs/3VrbShK
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 (Reporting by Alessandro Parodi and Greta Rosen Fondahn,
editing by Mark Potter)
 ((Alessandro.Parodi@thomsonreuters.com;
Greta.RosenFondahn@thomsonreuters.com))