Financial News: Europe Car Registrations Growth Softens In July

Europe Car Registrations Growth Softens In July

08/29/2024 - 02:59:00 (RTTNews)

(RTTNews) - Europe car registrations growth eased notably in July largely due to the sharp fall in battery-electric car demand, data released by the European Automobile Manufacturers' Association, or ACEA, showed on Thursday.

Car sales grew only 0.2 percent on a yearly basis in July after a 4.3 percent gain in June.

Data showed mixed results across the four major car markets. Sales in Italy and Spain increased 4.7 percent and 3.4 percent, respectively. Meanwhile, France's new car sales dropped 2.3 percent and sales in Germany decreased 2.1 percent.

Battery-electric cars accounted for 12.1 percent of the EU car market, which was down from 13.5 percent the previous year.

Hybrid-electric vehicles increased their market share to 32 percent. Meanwhile, the combined share of petrol and diesel cars fell to 46 percent from 50 percent.

Registrations of battery-electric cars declined 10.8 percent to 102,705 units. Plug-in hybrid car registrations recorded a decrease of 14.1 percent in July, despite a 3.2 percent increase in Germany.

Hybrid-electric vehicles saw growth in July, with car registrations rising 25.7 percent. Petrol car sales dropped 7 percent and the diesel car market saw a decline of 10.1 percent.

During seven months into 2024, new car registrations expanded 3.9 percent, reaching more than 6.5 million units. This was the result of a low comparison base.

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