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European car market slumps in February
(MENAFN) The European car market experienced a significant downturn in February, with Germany and Italy leading the decline, according to recent sales figures. Overall, the market contracted, with Germany seeing a 6.4% drop and Italy a 6.2% decrease in registrations.
Despite this general slump, the trend toward electric and hybrid vehicles continued its upward trajectory, signaling a clear shift in consumer preferences. Battery-electric vehicle (BEV) sales witnessed a substantial surge, climbing 23.7% compared to the same period last year, indicating a growing acceptance of fully electric cars among European buyers. Hybrid-electric vehicles (HEV) also demonstrated strong performance, with sales increasing by 19% year-over-year.
However, plug-in hybrid electric vehicles (PHEV) bucked the positive trend, experiencing a slight decline of 1.4% compared to February of the previous year.
The decline in traditional internal combustion engine (ICE) vehicles was particularly pronounced. Registrations for petrol-powered cars plummeted by 22.4%, while diesel vehicle sales saw an even steeper decline of 28.8%. This data underscores the ongoing erosion of demand for fossil-fuel-powered vehicles across the European Union.
In a notable development, Tesla, the prominent US-based electric vehicle manufacturer, saw its European sales decrease by 41.7% in February, registering 11,743 units. This significant drop comes as the overall electric vehicle market continues its rapid expansion.
Despite this general slump, the trend toward electric and hybrid vehicles continued its upward trajectory, signaling a clear shift in consumer preferences. Battery-electric vehicle (BEV) sales witnessed a substantial surge, climbing 23.7% compared to the same period last year, indicating a growing acceptance of fully electric cars among European buyers. Hybrid-electric vehicles (HEV) also demonstrated strong performance, with sales increasing by 19% year-over-year.
However, plug-in hybrid electric vehicles (PHEV) bucked the positive trend, experiencing a slight decline of 1.4% compared to February of the previous year.
The decline in traditional internal combustion engine (ICE) vehicles was particularly pronounced. Registrations for petrol-powered cars plummeted by 22.4%, while diesel vehicle sales saw an even steeper decline of 28.8%. This data underscores the ongoing erosion of demand for fossil-fuel-powered vehicles across the European Union.
In a notable development, Tesla, the prominent US-based electric vehicle manufacturer, saw its European sales decrease by 41.7% in February, registering 11,743 units. This significant drop comes as the overall electric vehicle market continues its rapid expansion.
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