Berlin: Europe’s car market grew in August as rising demand for electrified vehicles offset a sharp decline in petrol and diesel registrations, according to data from the European Automobile Manufacturers’ Association (ACEA).
New car registrations in the European Union rose 5.3 percent to 832,637 vehicles during the month. Battery-electric vehicle registrations climbed 52.2 percent. Plug-in hybrid registrations increased 13.5 percent, while hybrid registrations rose 3.4 percent.
Together, the 3 electrified vehicle categories accounted for more than 73 percent of all new vehicle registrations. ACEA noted that demand received support from market measures and a wider choice of models available to consumers. The market also faced higher energy costs and continued geopolitical uncertainty.
The shift towards electrified vehicles coincided with a steep decline in conventional powertrains. Petrol car registrations fell 23.5 percent in August, while diesel registrations dropped 23.1 percent.
Higher registrations also helped Chinese automakers expand their presence across the European Union, Britain and the European Free Trade Association. BYD, Chery and Leapmotor recorded sales that were almost 2 to 3 times higher than a year earlier. Geely sales rose by more than 25 percent, while SAIC recorded growth of more than 32 percent.
The combined market share of Chinese car brands increased to 11.3 percent from 7.1 percent a year earlier. The figures point to a growing presence for Chinese manufacturers in the European market as demand shifts towards electrified models.
Among major European manufacturers, Renault registrations fell 4.4 percent, while Volkswagen registrations declined 3.6 percent. Stellantis recorded a 3.5 percent increase. The combined market share of Renault, Volkswagen and Stellantis fell to 49.8 percent from 52 percent.
The August figures show continued changes in the European car market. Electrified models are taking a larger share of new registrations, while petrol and diesel vehicles continue to lose ground. Chinese brands are also gaining market share as consumer demand shifts towards newer powertrain options.
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