Financial News: Europe Car Registrations Log Sharp Contraction: ACEA

Europe Car Registrations Log Sharp Contraction: ACEA

09/19/2024 - 02:52:00 (RTTNews)

(RTTNews) - Europe's new car registrations posted a steep decline in August largely due to the notable decrease in electric car sales, data from the European Automobile Manufacturers' Association, or ACEA, showed on Thursday.

New car sales decreased 18.3 percent on a yearly basis with negative results across all four major markets. Sales had increased 0.2 percent in July and 4.3 percent in June.

Sales in Germany and France plunged 27.8 percent and 24.3 percent, respectively. Italy posted a 13.4 percent drop and sales in Spain were down 6.5 percent.

Registrations of battery-electric cars declined 43.9 percent to 92,627, with total market share falling to 14.4 percent. This was driven by the spectacular drop in the two biggest markets for BEV cars, namely Germany and France, the ACEA said.

At the same time, plug-in hybrid car registrations saw a decrease of 22.3 percent in August. Meanwhile, hybrid-electric vehicle sales grew 6.6 percent. Petrol car sales dropped 17.1 percent and the diesel car market decreased 26.4 percent.

During January to August, new car registrations grew 1.4 percent and hit 7.2 million units. While Spain and Italy showed positive growth, the French and the German markets dropped moderately.

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