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EU Car Registrations Rise for 14th Month, Driven by Electric and Hybrid Sales

Published 20/10/2023, 12:50
© Reuters.

European Union passenger-car registrations marked their fourteenth consecutive month of growth in September, with a surge of 9.2% to 861,062 units, according to data from the European Automobile Manufacturers Association (ACEA). The increase was primarily driven by sales of electric and hybrid-electric vehicles, which now hold a substantial part of the market.

Despite a dip in Tesla (NASDAQ:TSLA)'s EU sales by 9.8%, battery electric vehicles saw a growth of 14%, reaching 127,149 units and accounting for 14.8% of the market. Meanwhile, hybrid-electric cars experienced faster growth at a rate of 30.5%, totaling 235,348 units or 27.3% of the market.

During the first nine months of this year, EU car sales rose by 17%, still about 20% below pre-pandemic levels from 2019. Among automakers, Volkswagen (ETR:VOWG_p) Group and Stellantis (NYSE:STLA), the owner of Jeep and Peugeot (OTC:PUGOY) brands, enjoyed registration increases of 9.6% and 11% respectively.

BMW (ETR:BMWG) Group and Mercedes-Benz (OTC:MBGAF) also saw significant sales boosts of 17.5% and 16% respectively, despite incentive reductions in Germany causing a significant drop in sales. Renault (EPA:RENA) also managed to increase its sales by 5.1%.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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