Electrified Cars Propel European Auto Sales as Chinese Brands Rise in 2024
Electrified Vehicles Drive Market Growth and Reshape Competition
Surge in Electrified Car Demand
July 23 (Reuters) - Demand for electrified cars continued to underpin growth in Europe's auto market in June, offsetting a sharp decline in petrol and diesel sales, data from the European Automobile Manufacturers’ Association (ACEA) showed on Thursday.
Expansion of Chinese Auto Brands in Europe
Growth in car registrations, a proxy for sales, also helped Chinese brands expand their footprint further across the European Union, Britain and the European Free Trade Association.
Key Market Statistics
- Total car registrations rose 13.1% to 1,407,332 vehicles
- Battery-electric, plug-in hybrid and hybrid car registrations climbed 51%, 22.7% and 17.1%, respectively, together accounting for more than 80% of all new vehicles
- Petrol and diesel car registrations fell 12.2% and 16.9% respectively
Performance of Major Automakers
Chinese Automakers
- Chinese automakers BYD, Chery and Leapmotor sold between almost three and six times more than last year, SAIC and Geely sales rose more than 50% and 11% respectively
European Automakers
- Registrations at Renault, Stellantis and Volkswagen rose between 3.6% and 7.3%
(Reporting by Mathias de Rozario in Gdansk; Editing by Matt Scuffham)
