Recent vehicle sales data has revealed that buyers in the European Union are still shying away from pure electric vehicles in favor of hybrids. Figures from the European Automobile Manufacturers Association (ACEA) also show that there has been a slight increase in monthly electric vehicle registrations despite a modest reduction in year-on-year sales.
October was a relatively good month for the EU’s vehicle segment as new vehicle registrations were up for the first time in several months, growing by 2.4% from the previous month’s sales. However, year-on-year sales dropped by 4.9% from October 2023 to October 2024, bringing electric vehicles’ share of the total vehicle market to 14.4%.
Plug-in hybrid sales were also down by 7.2% in October with a 7.9% year-on-year decline, bringing the share of plug-ins from 8.4% in 2023 to 7.7% in October 2024. Nonetheless, hybrids were the only class of alternative energy vehicles that enjoyed decent sales last month. The ACEA reports that hybrid registrations were up by 17.5% in October and their market share was up to 33.3%.
Hybrid electric vehicle registrations also surpassed internal combustion engine (ICE) vehicle registrations in the EU for the second month in a row. Drivers may prefer hybrids over fully electric cars as they have a less steep learning curve and as well extended range through the inclusion of a combustion engine.
According to the ACEA, a 26.6% fall in new vehicle registrations in Germany was largely responsible for the overall decline in European vehicle sales. With customers still preferring hybrids over BEVs, new Tesla registrations in the EU fell by a whopping 21% in October 2024 compared to October 2023, bringing the electric vehicle giant’s share of the EU’s vehicle market to 11.4%.
Tesla is the bestselling EV maker on the globe and its sales numbers are often seen as a metric of how the EV industry is performing. A decline in Tesla sales likely indicates an overall drop in electric vehicle sales, especially in Western markets like the EU where customers have barely any alternatives to the Texas-based automaker.
Petrol vehicles now make up 30.8% of the EU auto market down from 33.3% in October 2023, the ACEA notes, with France reporting the largest drop in petrol car registrations at -32.7% while Germany was on the other end of the spectrum with a 3.7% increase in petrol vehicle registrations.
As this data suggests, every player in the electric vehicle space, including startups like Workhorse Group Inc. (NASDAQ: WKHS), have plenty to do to change the minds of motorists and make them comfortable enough to make the switch to EVs.
About GreenCarStocks
GreenCarStocks (“GCS”) is a specialized communications platform with a focus on electric vehicles (“EVs”) and the green energy sector. It is one of 70+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, GCS is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, GCS brings its clients unparalleled recognition and brand awareness. GCS is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from GreenCarStocks, text “Green” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.GreenCarStocks.com
Please see full terms of use and disclaimers on the GreenCarStocks website applicable to all content provided by GCS, wherever published or re-published: https://www.GreenCarStocks.com/Disclaimer
GreenCarStocks
Los Angeles, CA
www.GreenCarStocks.com
310.299.1717 Office
[email protected]
GreenCarStocks is powered by IBN
