New car registrations in Europe rose only 0.
1 per cent year-on-year to 1041672 in October, according to the European Association of Automobile Manufacturers (ACEA).
Germany, Europe’s largest car market, reversed its decline after three months of falling car sales, but its growth was largely offset by declines in France, Italy and the UK.
European October car market: pure electricity sales grew by 6.
9% and hybrid growth by 15.8%. In October, Spain became the strongest market among the five major European car markets with a year-on-year increase of 7.2%. Car sales in Germany rose 6% year-on-year, but sales in France, Italy and the UK fell 11.1%, 9.1% and 6%, respectively.
In the first 10 months of this year, the number of new car registrations in Europe remained stable, basically the same as the same period last year, with a slight increase of 0.
9 per cent to 10821299 vehicles.
Among the five major car markets, Spain, the UK and Italy performed well, rising 4.
9 per cent, 3.
3 per cent and 0.
9 per cent respectively, while the French and German markets declined by 2.
7 per cent and 0.
4 per cent respectively.
In terms of fuel types, sales of pure electric vehicles in Europe rose 6.
9% year-on-year to 169525 units in October, the second month in a row.
In the first 10 months of this year, sales of all-electric vehicles in Europe still fell 1.
7 per cent to 1602711 vehicles from a year earlier, mainly due to a sharp drop in German registration of pure electric vehicles to 311881 vehicles.
In October, due to sharp declines in sales of plug-in hybrid vehicles in France (- 26.
9%) and Italy (- 24.
9%), the number of plug-in hybrid vehicles registered in Europe fell 7.
2% year-on-year to 82836.
Sales of plug-in hybrids in Europe also fell in the first 10 months of this year, down 4.
1 per cent to 777330 compared with the same period last year.
European hybrid car registrations rose 15.
8 per cent to 346548 in October from a year earlier.
Gasoline vehicle sales fell 10.
7 per cent year-on-year to 316618 vehicles, with France having the largest year-on-year decline of 32.
7 per cent, followed by Italy with a 10.
1 per cent decline and Spain with a modest year-on-year decline of 1.
6 per cent.
Germany is the only major market showing growth, with gasoline vehicle sales up 3.
7 per cent.
European sales of carmakers in October: Volkswagen rose 12.
6%, while Tesla fell 23.1%. At present, the European auto industry is facing multiple challenges, including high production costs, slowing growth of electric vehicles and an influx of low-cost cars from Chinese competitors.
As a result, big automakers such as Ford and Volkswagen have cut costs in response to weak demand in the European car market.
A few days ago, Ford announced that it plans to lay off another 4000 employees in Europe, accounting for about 14% of the local workforce.
At the same time, Volkswagen is pushing for cost-cutting measures, including an unprecedented consideration of closing its plant in Germany.
However, Volkswagen’s car registrations in Europe rose 12.
6 per cent in October from a year earlier, although Volkswagen has been negotiating a wide range of cost-cutting plans with German unions.
Over the same period, Ford’s car sales in Europe fell 13.
6% from a year earlier.
In addition, Stellantis’s car sales in Europe also fell 16.
7% from a year earlier.
It is reported that Stellantis has been grappling with delays in the launch of new models, product recalls and shrinking market share in the United States and Europe as a result of higher price increases than their peers.
Volvo had the biggest increase in sales in Europe in October, and sales of its electrified models were also eye-catching.
The company’s sales in Europe surged 22.
5 per cent in October from a year earlier, with sales of electrified models up 46 per cent, accounting for 66 per cent of Volvo’s total European sales in October.
Tesla, by contrast, had the biggest drop in sales in Europe in October.
After a September peak, Tesla’s European sales fell sharply in October, down 23.
1% from a year earlier.
Tesla’s sales in Europe rose 26% year-on-year in September, driven by strong sales of the Model Y midsize SUV and Model 3 midsize sedans.
But European sales of the Model Y fell to 8605 in October from 28680 in September, ranking 32nd on the list.
Carmakers have struggled to increase sales of electric vehicles in the European market as Europe’s transition to electric cars falters and tight budgets are squeezed by the tight cost of living for consumers.
European consumers, by contrast, are more keen to buy plug-in hybrids with internal combustion engines and smaller batteries, benefiting carmakers led by Toyota.
Toyota’s car registrations in Europe rose 13.
7 per cent in October from a year earlier, according to ACEA.
Despite a 6.
9 per cent year-on-year increase in European electric vehicle sales in October, electric vehicle sales in Europe are still falling this year as many European governments have reduced their support for electric vehicle purchases, with electric vehicle growth slowing and carbon emissions targets tightening.
It is worth mentioning that the number of electric vehicle registrations in the UK increased by 24.
5 per cent in October from a year earlier, as carmakers offered substantial discounts in the UK market to meet the UK government’s requirements for zero-emission car sales.
By contrast, German electric vehicle sales fell 4.
9% in October from a year earlier, while electric vehicle sales fell 26.
6% in the first 10 months from a year earlier, as the German government removed subsidies for electric vehicles at the end of last year.
In recent months, both Porsche and Mercedes-Benz have reduced their ambitions for electric vehicles, citing lower-than-expected momentum.
Although the German government has been considering reformulating subsidies for electric vehicles to support troubled carmakers, Germany’s major political parties have unanimously decided to hold a new Bundestag election ahead of schedule on February 23, 2025, which limits the German government’s ability to implement the measure decisively before the general election.
At a time when subsidies for electric vehicles are generally reduced in Europe, car companies are facing stricter carbon emissions regulations from the European Union.
From 2025, the EU will reduce the average carbon emission limit for newly sold vehicles from 116 grams per kilometre to 94 grams per kilometre.
If there is an extra gram of carbon dioxide emissions per kilometer, carmakers will face a fine of 95 euros ($103) per car, which will be multiplied by the number of models sold.
Experts estimate that compared with about 14% this year, EU electric vehicles will need to account for more than 20% of sales next year in order to achieve the EU’s carbon dioxide reduction target.
In this contextNext, the downturn in the European electric vehicle market has increased the risks for automakers such as Volkswagen Group, Stellantis and Renault Group.
If these automakers fail to meet the EU’s stricter automobile carbon emission regulations that will be implemented next year, they will eventually have to pay billions of euros in fines.
In view of this, many automakers have called for a postponement or revision of EU carbon emission targets.
In September this year, Mercedes-Benz agreed with the European Automobile Manufacturers Association (ACEA) and called for “urgent action” by the EU.
Earlier in November, Suzuki Motor said it would jointly calculate car sales in the EU with Volvo Cars to avoid facing fines for failing to meet the standards.
Suzuki executives said Volvo Cars ‘carbon emissions are expected to fall well below the 2025 carbon emission target set by the European Union due to strong sales of the compact pure electric EX30 SUV, so Suzuki Motors will be more likely to remain compliant with Volvo Cars.
, In addition to car companies, some European countries are also seeking to reassess carbon emission regulations.
Austria, Bulgaria, Poland, Romania and Slovakia have joined the Czech Republic and Italy in urging the EU to find a solution to avoid fines for carmakers who fail to meet the EU’s new 2025 carbon emissions targets.
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