Financial News: Europe Car Registrations Surge 14.6%

Europe Car Registrations Surge 14.6%

11/21/2023 - 03:05:00 (RTTNews)

(RTTNews) - New car sales in the EU rose for a fifteenth consecutive month in October on the back of strong demand in France, Italy, and Spain, monthly data from the European Automobile Manufacturers' Association, or ACEA, showed Tuesday.

New car registrations grew 14.6 percent year-over-year to 855,484 units in October. This was well above the 9.2 percent growth in September.

Among the four major markets, France, Italy, and Spain posted double-digit growth in October. The French market showed the most impressive growth of 21.9 percent, followed by Italy with a 20.0 percent rise.

Car sales in Spain grew 18.5 percent over the year, while German car registrations increased only 4.9 percent.

In October, battery electric car sales alone grew 12.0 percent annually, with a market share of 14.2 percent.

Additionally, the year-to-date share now stands at 14 percent, surpassing diesel's cumulative share for the first time, the ACEA said.

With a nearly 29 percent market share, hybrid-electric vehicles came in second place, while petrol-powered vehicles held the top spot, although their share dropped to 33.4 percent in October.

On the other hand, the EU's diesel car market continued its decline in October, decreasing by 13.2 percent. The fall was more evident in France.

During the first ten months of this year, new car registrations rose 16.7 percent, totaling almost nine million units. The largest growth was seen in Italy, at 20.4 percent.

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