Financial News: Europe Car Registrations Fall 1.9% In November

Europe Car Registrations Fall 1.9% In November

12/19/2024 - 01:51:00 (RTTNews)

(RTTNews) - New car sales in the EU decreased in November after rebounding in the previous month, monthly data from the European Automobile Manufacturers' Association, or ACEA, showed Thursday.

New car registrations dropped 1.9 percent year-over-year to 869,816 units in November, reversing a 1.1 percent rise in October.

Among the four major markets, the French car market showed the biggest fall with 12.7 percent, followed by Italy, where sales were down by 10.8 percent.

Meanwhile, car sales in Spain logged a positive growth of 6.4 percent over the year, and sales demand in the German car market grew slightly by 0.5 percent.

In November, the sales volumes of battery electric cars declined 9.5 percent annually, with the market share falling to 15.0 percent from 16.3 percent. This drop was primarily driven by a significant decrease in registrations in Germany and France. Demand for plug-in hybrid cars also decreased 8.8 percent.

On the other hand, hybrid-electric registrations surged 18.5 percent, with the market share rising to 33.2 percent from 27.5 percent last year.

Petrol car sales dropped 7.8 percent as all four major markets recorded falls. Similarly, the diesel car market shrank 15.3 percent amid decreases that were observed in most EU markets.

During the eleven months into 2024, new car sales showed an increase of 0.4 percent, reaching 9.7 million units. Among major markets, the Spanish market contributed the most with 5.1 percent sales growth.

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