The demand for cars in the European Union continues to rise. In October, 855,484 new cars were registered, 14.6 percent more than a year earlier, manufacturers’ association Acea announced in Brussels on Tuesday.
Over the first ten months there was an increase of 16.7 percent to almost 8.8 million cars. The number of registrations of pure electric cars has grown the most across the EU since the beginning of this year. The market share of battery-powered electric vehicles was 14 percent between January and October. In October, electric cars overtook diesel engines for the first time this year, which have been in decline for some time.
Of the four largest passenger car markets in the EU, France (plus 21.9 percent), Italy (plus 20 percent) and Spain (plus 18.1 percent) recorded a strong increase in the total number of new registrations in October. In Germany, growth was more moderate, at just under five percent.
Market leader Volkswagen and its brands achieved a market share of approximately one quarter in the month. Rivals Stellantis (more than 18 percent) and Renault (more than 11 percent) lagged behind. BMW recorded a market share of almost seven percent, Mercedes-Benz just under six percent. American electric car pioneer Tesla more than doubled its market share to 1.7 percent.
“Market growth in the EU continues, but on the one hand we are still well below pre-crisis levels, and on the other hand the prospects are anything but rosy,” says Constantin Gall, mobility expert at consultancy EY. According to him, geopolitical tensions, the weak economy and high financing costs are likely to lead to reluctance to buy cars in 2024. To stimulate sales, manufacturers have the option to increase prices. “Customers can be happy: there are discounts again.”
(sda/awp/dpa)
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I’m Ella Sammie, author specializing in the Technology sector. I have been writing for 24 Instatnt News since 2020, and am passionate about staying up to date with the latest developments in this ever-changing industry.
