Financial News: Europe Car Registrations Rebound 4.3% In June: ACEA

Europe Car Registrations Rebound 4.3% In June: ACEA

07/18/2024 - 03:17:00 (RTTNews)

(RTTNews) - New car sales in the EU recovered strpngly in June, driven by gains in three out of the region's four major markets, monthly data from the European Automobile Manufacturers' Association, or ACEA, showed Thursday.

New car registrations rose 4.3 percent year-over-year to 1.089 million units in June , reversing a 3.0 percent fall in May.

Among the four major markets, the Italian market showed the strongest sales growth of 15.1 percent, followed by Germany with a 6.1 percent rise.

Car sales in Spain also logged an increase of 2.2 percent over the year, while sales demand in the French car market was 4.8 percent lower.

Demand for hybrid-electric vehicles surged 26.4 percent as all four of the largest markets for this segment recorded double-digit gains.

In June, battery electric car sales showed a decrease of 1.0 percent annually, with the market share falling to 14.4 percent from 15.1 percent. In the category of plug-in hybrid cars, new registrations fell sharply by 19.9 percent, which was more evident in Belgium, where sales slumped by 49.2 percent

The EU's petrol car sales contracted at a moderate pace by 0.7 percent, and its market share dropped to 34.4 percent in June from 36.2 percent last year. Similarly, the diesel car market logged a sales decline of 0.9 percent, representing 12.7 percent of the total share.

During the first half of 2024, new car sales increased by 4.5 percent, reaching nearly 5.7 million units. However, registration volumes remain relatively low compared to pre-pandemic levels.

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