EU car sales rise, electric vehicle sales surge
【Summary】New car sales in the EU increased by 14.6% in October, driven by a 36.3% rise in fully electric car sales. Electric vehicles accounted for 14.2% of sales, surpassing diesel car sales for the third time. Sales of fully electric cars rose by 53.1% in the first ten months of the year. Overall, electrified vehicles made up over 47% of new passenger car registrations in the EU from January to October.
The new electric Citroen e-C3 SUV was unveiled during a media presentation in Meudon near Paris, France on October 17, 2023. The European Union (EU) experienced a 14.6% increase in new car sales in October, with a significant boost from fully electric cars and hybrid electric vehicles. According to the European Automobile Manufacturers Association (ACEA), sales of fully electric cars rose 36.3% compared to the previous year, while full hybrid sales increased by nearly 39%. This marks the 15th consecutive month of sales growth for the EU.
In October, fully electric cars accounted for 14.2% of total sales, surpassing sales of diesel cars for the third time. In contrast, diesel models, which once accounted for over 50% of EU car sales in 2015, only represented 12% of sales in October. Sales of fully electric cars have seen a significant increase of 53.1% in the ten months leading up to October.
Electrified vehicles, including fully electric models, plug-in hybrids, and full hybrids, made up over 47% of all new passenger car registrations in the EU from January to October 2023. This is a rise from 42% during the same period last year, according to the ACEA.
Despite concerns of a potential plateau in electric vehicle (EV) sales, some automakers, analysts, and dealers remain optimistic. They believe that as more affordable models enter the market, consumer demand for EVs will continue to grow. In October, Volkswagen, Europe's largest automaker, saw a 9.9% increase in sales, while Stellantis and Renault experienced sales growth of 11.3% and 24.3% respectively.
Tesla's sales in the EU rose by nearly 150%, accounting for almost 12% of fully electric car sales. Overall, the number of new vehicles registered in October across the EU, Britain, and the European Free Trade Association (EFTA) reached 1.04 million units, representing a 14.1% increase, as reported by the ACEA.
By Nick Carey in London, edited by Matthew Lewis.
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