Financial News: Europe New Car Sales Recover In October

Europe New Car Sales Recover In October

11/21/2024 - 02:59:00 (RTTNews)

(RTTNews) - Europe's new car registrations increased in October after two consecutive declines, the European Automobile Manufacturers' Association, or ACEA, reported Thursday.

New car sales registered a moderate growth of 1.1 percent, reversing a decline of 6.1 percent in September.

The rebound was driven by robust performances in Spain and Germany. Registrations in Spain grew 7.2 percent from a year ago. Germany's sales increased 6 percent, following three months of decline.

Meanwhile, France's car sales declined by a double-digit 11.1 percent and Italy's sales were down 9.1 percent.

In October, the battery-electric car market share remained stable at 14.4 percent. Sales of battery-electric cars grew 2.4 percent. Meanwhile, plug-in hybrid car registrations fell 7.2 percent due to significant declines in France and Italy.

On the other hand, hybrid-electric registrations surged 17.5 percent in October, with market share rising to 33.3 percent.

Petrol car sales dropped 6.8 percent overall with a steep 32.7 percent fall in France. Petrol cars now account for 30.8 percent of the market, down from 33.4 percent in the same month last year. The diesel car market declined 7.6 percent, resulting in a 10.9 percent market share in October.

During January to October, new car registrations moved up 0.7 percent, reaching 8.9 million units. The markets in Spain and Italy performed positively, while France and Germany reported declines, data showed.

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