European passenger car market shows signs of recovery last month
Date
11/21/2024 7:24:28 AM
(MENAFN) The European passenger car market showed signs of recovery in October, rebounding after two consecutive months of decline, according to a report released on Thursday by the European Automobile Manufacturers’ Association (ACEA). This improvement was largely driven by strong performances in Spain and Germany, two of the region’s key automotive markets. New passenger car registrations in the European Union rose by 1.1 percent year-on-year, reaching 866,397 units during the month.
Spain led the recovery with an impressive 7.2 percent increase in registrations, while Germany followed with a 6 percent rise, reversing its trend after three months of contraction. These gains played a pivotal role in offsetting the overall declines seen earlier in the year. However, the recovery was not consistent across all major EU markets. France and Italy experienced significant declines in October, with drops of 11.1 percent and 9.1 percent, respectively, underlining persistent challenges in those countries.
The market for battery-electric vehicles remained stable in October, maintaining a 14.4 percent share of the total market. Registrations of electric cars rose modestly by 2.4 percent year-on-year, reaching 124,907 units. This stability reflects a steady interest in transitioning to electric mobility, even as the broader automotive market navigates economic and supply chain challenges.
For the year-to-date period from January to October, new car registrations in the 27-member EU bloc showed a slight overall growth of 0.7 percent, totaling 8.9 million units. Spain and Italy recorded modest increases of 4.9 percent and 0.9 percent, respectively. In contrast, France and Germany saw declines, with decreases of 2.7 percent and 0.4 percent, respectively, suggesting a mixed outlook for the region's automotive industry as it enters the final months of 2024.
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