In October 2023, Europe witnessed the sale of a total of 1,040,278 passenger vehicles, reflecting a 14% increase from the 909,724 units registered in October 2022.
JATO Dynamics data covering 28 European markets indicates that this surge in volumes marked the 15th consecutive month of growth in the European new car market. Year-to-date registrations reached 10,677,402, demonstrating a 17% year-on-year rise. Felipe Munoz, Global Analyst at JATO Dynamics, noted that the new vehicle registration data for October suggests the European car market’s resilience and preparedness for a potential economic downturn in the coming months.
The growth observed in October can be largely attributed to the increasing demand for Battery Electric Vehicles (BEVs), propelled by various incentives available to European consumers. Sales of pure electric models across Europe experienced a notable 30% rise, totaling 157,957 units, with BEVs constituting 15% of total new registrations in October. Since January 2023, over 1.6 million electric vehicles have been registered across Europe. Munoz emphasized that the growing demand for electric cars is driven by the range of deals available and the increase in supply rather than purely competitive pricing and model variety.
The uptick in BEV registrations in October was notably influenced by major players such as Tesla, BMW Group, and Chinese group SAIC Motor. Tesla’s registrations across all models tripled from October 2022, driven by strong sales of the Model Y and Model 3. However, despite Tesla’s strong performance, larger automotive groups like Volkswagen, BMW Group, and Stellantis surpassed the US manufacturer in total registrations. In the BEV segment for October, Volkswagen emerged as the best-selling group, followed by BMW Group, which recorded a 53% increase in BEV registrations with 18,297 units, attributed to robust results with the i4 and iX1.
China’s SAIC Motor, the owner of MG and Maxus, saw a significant 66% increase in registrations with 8,841 units. The MG 4 stood out, ranking as the most popular electric hatchback in October and the fourth best-selling BEV in Europe, outperforming its rival, the Volkswagen ID.3, by 1.6 times. Munoz highlighted the MG 4 as an example of China’s OEMs becoming more competitive, not just in terms of price but also specifications.
While Norway maintained its position as the leading market for BEV penetration, substantial growth was observed in other parts of Europe. Finland experienced the largest increase in BEV market share, nearly doubling from 20% in October 2022 to 36% in October 2023. Luxembourg and Denmark followed, with BEV market shares rising to 30% and 36%, respectively. In contrast, Croatia witnessed a decline in BEV market share from 3.1% in October 2022 to 1.8% last month, while Ireland and Germany also experienced a reduction in BEV traction.
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