(Reuters) – Demand for electrified cars continued to underpin growth in Europe’s car market in August, offsetting a steep decline in petrol and diesel vehicle sales, data from the European Automobile Manufacturers’ Association (ACEA) showed on Thursday.
Higher registrations, a proxy for sales, also helped Chinese automakers expand their presence across the European Union, Britain and the European Free Trade Association.
ACEA said growth in new EU car registrations was supported by strong demand for electrified vehicles, aided by market support measures and a broader range of models available to consumers despite higher energy costs and ongoing geopolitical uncertainty.
- Total car registrations rose 5.3% to 832,637 vehicles
- Battery-electric, plug-in hybrid and hybrid car registrations climbed 52.2%, 13.5% and 3.4%, respectively, together accounting for over 73% of all new vehicles
- Petrol and diesel car registrations fell 23.5% and 23.1%, respectively
- Registrations at Renault and Volkswagen slid between 4.4% and 3.6%, while Stellantis gained 3.5%; their combined market share slid to 49.8% from 52%
- Chinese automakers BYD, Chery and Leapmotor sold between almost two and three times more than last year, Geel and SAIC and sales rose more than 25% and 32% respectively
- The combined market share of Chinese car brands increased to 11.3% from 7.1%
Reporting by Amir Orusov and Mathias de Rozario in Gdansk; Editing by Joyjeet Das
