EU new car registrations fall at a softer pace in September, down 6.1% Y/Y

New car registrations in the European Union decreased 6.1% Y/Y to 809,163 units in September 2024, a softer decline compared to the 18.3% plunge in August, the European Automobile Manufacturers’ Association (ACEA) showed.

So far in 2024, new car registrations remained stable (+0.6%) and almost reached 8 million units.

Negative results were seen across three of the region’s four major markets. Registrations fell in France (-11.1%), Italy (-10.7%), and Germany (-7%), while the Spanish market rebounded, rising 6.3% after shrinking 6.5% in August.

Registrations for battery electric vehicles rose by 9.8% to 139,702 units, with their market share increasing to 17.3%, up from 14.8% last year. YTD market share for new battery-electric cars fell to 13.1% from 14% last year, largely due to a 28.6% slump in Germany.

Plug-in hybrid car registrations for September also declined by a sizeable 22.3%.

Hybrid-electric registrations grew in September, rising by 12.5%. The market share now stands at 32.8%, up from 27.4% in September 2023, surpassing petrol.

Petrol car sales declined by 17.9% and now represent 29.8% of the market, down from 34% the prior year. The diesel car market saw a decline of 23.5%, resulting in a 10.4% share.

Year-to-date market share leaders in Europe by registrations are Volkswagen Group (OTCPK:VLKAF) at 26.8%, Stellantis (STLA) at 14.9%, Renault Group (OTCPK:RNSDF) at 10.9%, Hyundai (OTCPK:HYMTF) at 7.8%, Toyota Motor (TM) at 7.8%, BMW (OTCPK:BMWYY) at 7.6%, Mercedes-Benz (OTCPK:MBGAF) at 6.1%, Ford Motor (F) at 3.2%, Volvo Cars at 2.3%, Tesla (TSLA) at 3.9%, Nissan (OTCPK:NSANY) at 1.6%, Suzuki at 1.7%, SAIC Motor at 1.3%, and Mazda (OTCPK:MZDAY) at 1.3%.