Business
European car sales flat in October, EVs gain ground, ACEA says
Published by Jessica Weisman-Pitts
Posted on November 21, 2024
2 min readLast updated: January 28, 2026
Global Banking & Finance Review®
Company
Published by Jessica Weisman-Pitts
Posted on November 21, 2024
2 min readLast updated: January 28, 2026
By Greta Rosen Fondahn and Alessandro Parodi
(Reuters) –New car sales in Europe were flat in October, after falling for two consecutive months, industry data showed on Thursday, while the transition to fully electric or hybrid models gained ground in the month.
An uptick in total sales in Spain and Germany, of 7.2% and 6% respectively, offset a contraction in France, Italy and Britain, the European Automobile Manufacturers Association (ACEA) said.
WHY IT’S IMPORTANT
European automakers are struggling with weak demand, high production costs, and managing the shift to EVs, while trying to fend off competition from China.
BY THE NUMBERS
The number of new vehicles registered in October in the EU, Britain and the European Free Trade Association (EFTA) rose 0.1% year-on-year to 1.04 million.
Sales of fully electric cars (BEVs) rose for the second consecutive month, up 6.9% in October, while those of hybrid cars (HEVs) rose by 15.8%.
Registrations in the EU, Britain and EFTA at Volkswagen rose 12.6%, while they fell by 16.7% at Stellantis and by 0.4% at Renault.
Sales were down 23.1% at EV maker Tesla and down 10% at China’s SAIC Motor.
In the EU, total new car registrations rose 1.1% year-on-year. Germany saw sales increase with 6%, after three months of losses.
Electrified vehicles – either BEV, HEV or plug-in hybrids (PHEV) – sold in the bloc accounted for 55.4% of passenger car registrations in October, up from 51.3% in the previous year.
QUOTES
“As we head towards the end of the year, carmakers are increasingly rolling out discounts and deals to sell off any unsold stock,” said Felipe Munoz, Global Analyst at market research firm JATO Dynamics in a separate statement on Wednesday.
This is helping registration figures stabilise and shouldn’t be mistaken as an indication of market recovery“, he added.
CONTEXT
The European Union approved at the end of October increased tariffs on Chinese-built electric vehicles of up to as much as 45.3%.
(Reporting by Greta Rosen Fondahn and Alessandro ParodiEditing by Nick Zieminski and Susan Fenton)
An electric vehicle (EV) is a type of vehicle that is powered entirely or partially by electricity, using electric motors instead of traditional internal combustion engines.
A hybrid vehicle combines a conventional internal combustion engine with an electric propulsion system, allowing for improved fuel efficiency and reduced emissions.
The European Automobile Manufacturers Association (ACEA) is an organization that represents the interests of the automobile industry in Europe, focusing on issues such as market trends and regulations.
Fully electric cars, also known as battery electric vehicles (BEVs), are vehicles that run entirely on electric power, using batteries to store energy and power the vehicle.
Vehicle registrations are important as they indicate the number of new vehicles sold, reflecting consumer demand and trends within the automotive market.
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