Electrified cars drive Europe auto sales growth as Chinese brands gain ground
European Auto Market Trends and Key Statistics
(Corrects 2nd bullet point to say electrified cars accounted for almost 70%, not 80%, of new vehicles)
Electrified Cars Underpin Market Growth
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.
Impact on Chinese Brands
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 Data
- 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 almost 70% of all new vehicles
- Petrol and diesel car registrations fell 12.2% and 16.9% respectively
- 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
- Registrations at Renault , Stellantis and Volkswagen rose between 3.6% and 7.3%
Reporting Credits
(Reporting by Mathias de Rozario in Gdansk; Editing by Matt Scuffham)
