EU New Car Market Shows Slight Uptick - Electric Cars Soar, Except for Tesla
Slight increase noted in EU's new car market, with a notable exception for Tesla as electric car sales decline - Slight Increase in New Car Sales within EU – Electrical Vehicles Show Enhanced Progress, Except for Tesla
The world of automobiles is shifting, and the EU new car market is no exception. In May, there's been a slight overall increase in new registrations compared to the previous year, bucking the slight year-to-date decline of around 0.6% to 1.2%, depending on the month [1][2][3].
But it's not all rosy for every segment. Gasoline and diesel models have taken a hit, with gasoline models dropping by a staggering 18.6% and diesel models slumping by a whopping 27.6% [4]. On the flip side, electric cars and hybrids are driving the change.
Hybrid vehicles impressed with an increase of around 18%, while electric cars saw a phenomenal 25% increase. Hybrid models remain the market leaders, accounting for 35.1% of the market share, with an additional 8.2% for plug-in hybrids [4]. Together, they surpass the combined market share of gasoline and diesel vehicles, which stand at 38.1% [4]. Pure electric cars accounted for 15.4% of new cars registered [4].
Automotive expert Constantin Gall from EY notes, "The market is in flux, and electromobility is making steady progress, although the surge in electric car sales is significantly lower than anticipated by politics and industry players" [4]. The ambitions, although stretched, emission targets set by the EU continue to pressure manufacturers to sell more electric cars.
However, Tesla, the recurring name in the electric vehicle segment, is facing a significant decline in sales. The company sold 40.5% fewer cars in the EU compared to the same period last year [4]. In the first five months of the year, Tesla sales in the EU decreased by 45.2% [4].
Consulting firm EY predicts the development of the new car market to be weak. "Demand for new cars remains subdued, with no growth momentum across the EU," explains Gall [4]. Low sales volumes mean factories aren't running at full capacity, keeping the pressure on the industry sky-high.
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- Cars
- EU
- New Car Market
- New Registration
- Previous Year
- Acea
- Tesla
- Constantin Gall
- The shift in the automobile world is evident in the EU new car market as well, with new registrations showing a slight increase compared to the previous year, despite a year-to-date decline.
- While gasoline and diesel models are experiencing a decline, with gasoline models dropping by 18.6% and diesel models slumping by 27.6%, electric cars and hybrids are driving the change.
- Hybrid vehicles are impressing with an increase of around 18%, while electric cars are seeing a phenomenal 25% increase.
- Tesla, a recurring name in the electric vehicle segment, is facing a significant decline in sales, selling 40.5% fewer cars in the EU compared to the same period last year.
