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Financial News: Europe New Car Sales Decline In May

Europe New Car Sales Decline In May

06/20/2024 - 03:25:00 (RTTNews)

(RTTNews) - Europe's new car registrations declined in May due to a notable contraction in the electric car sales, data from the European Automobile Manufacturers' Association, or ACEA, showed on Thursday.

Overall car sales posted an annual decrease of 3.0 percent in May, reversing a sharp 13.7 percent increase in April.

Three out of the four major markets contracted in May, while Spain achieved a moderate growth. Sales in Italy decreased 6.6 percent and that in Germany slid 4.3 percent. France's car sales fell 2.9 percent, while sales in Spain moved up 3.4 percent.

Data showed that the share of battery-electric cars decreased to 12.5 percent from 13.8 percent in the previous year. Sales of battery-electric cars were down 12 percent annually as Germany and the Netherlands posted sharp contractions.

Hybrid-electric was the only segment to log expansion, with car registrations increasing by 16.2 percent in May.

At the same time, petrol car sales decreased 5.6 percent and the diesel car market registered an even steeper decline of 11.4 percent.

Despite the downturn in May, year-to-date car registrations during January to May period increased 4.6 percent to 4.6 million units, the lobby said.

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