Financial News: Europe Car Registrations Surge 10.1%: ACEA

Europe Car Registrations Surge 10.1%: ACEA

03/21/2024 - 03:58:00 (RTTNews)

(RTTNews) - New car sales in the EU rose for the second straight month in February on the back of strong demand among four major markets, especially in France and Italy, monthly data from the European Automobile Manufacturers' Association, or ACEA, showed Thursday.

New car registrations grew 10.1 percent year-over-year to 883,608 units in February. This was below the 12.1 percent rebound in January.

Among the four major markets, the French market showed the most impressive growth of 13.0 percent, closely followed by Italy with a 12.8 percent rise.

Car sales in Spain grew 9.9 percent over the year, and German car registrations increased 5.4 percent.

In February, battery electric car sales showed a growth of 9.0 percent annually, with a stable market share of 12.0 percent.

Sales of hybrid-electric cars surged 2.47 percent, accounting for 28.9 percent of the market share.

The EU petrol car market expanded by 6.1 percent, though its market share dropped to 35.5 percent in February from 36.9 percent a month ago.

Meanwhile, the EU diesel car market contracted by 5.1 percent. Diesel sales dropped in most major markets, except Germany.

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