By Alessandro Parodi
(Reuters) – New automotive gross sales in Europe had been up by 0.9% in 2024, led by double-digit progress in hybrid automotive registrations, which exceeded petrol for a fourth consecutive month in December, business knowledge confirmed on Tuesday.
Renault (EPA:)’s market share within the continent overtook Stellantis (NYSE:)’ for the primary month because the Franco-Italian group was solid in January 2021, knowledge by the European Vehicle Producers Affiliation ( ACEA (BIT:)) confirmed.
WHY IT’S IMPORTANT
The European automotive market is present process a sophisticated EV transition, as EV gross sales progress disappoints and carmakers oppose measures to encourage customers to desert combustion engines, akin to CO2 emission guidelines coming into drive this 12 months.
European automakers additionally lament excessive manufacturing prices and rising competitors from China.
BY THE NUMBERS
December gross sales within the European Union, Britain and the European Free Commerce Space (EFTA) grew by 4.1% year-on-year to 1.1 million automobiles bought.
Registrations at Volkswagen (ETR:) and Renault grew by 4.9% and 16.6% respectively, whereas they fell by 6.7% at Stellantis.
Renault’s market share in Europe rose to 11.9%, whereas Stellantis’ slid to 11.6%.
Within the EU, December gross sales grew by 5.1%, because the registrations of hybrid electrical automobiles (HEVs) and plug-in hybrids (PHEVs) grew by 33.1% and 4.9% respectively, whereas absolutely electrical automobiles (BEVs) dropped by 10.2%.
Electrified autos – both BEV, HEV or PHEV – bought within the bloc accounted for 57.7% of passenger automotive registrations in December, up from 53.3% within the earlier 12 months.
Among the many largest EU markets, Spain led good points with a 28.8% enhance, whereas Germany and Italy continued to say no, by 7.1% and 4.9% respectively.
CONTEXT
The brand new ACEA president, Ola Kaellenius, stated final Thursday that the CO2-emitting automotive targets had been based mostly on expectations of a take-off of EV demand that had not occurred and urged political leaders to give you concepts.
U.S. President Donald Trump stated in his inaugural handle on Monday that he would revoke laws set by the Biden administration which Trump calls the “EV mandate”, confirming suggestions by his transition workforce first reported by Reuters in December.
