Car sales in Europe see a significant surge in July 2024, with BYD surpassing Tesla as the leading manufacturer
European Car Sales Surge in July, Electric Vehicles Lead the Way
New car sales in Europe saw a significant rise in July 2024, with a total of 1.09 million vehicles sold across the European Union, Britain, and the European Free Trade Association. This marks a 7.4% increase compared to the same month last year.
The growth was particularly evident in the electric vehicle (EV) sector. Registrations of battery electric, hybrid electric, and plug-in hybrid cars rose by 39.1%, 56.9%, and 14.3%, respectively. Notably, battery-electric car sales in the European Union experienced the biggest increase since August 2023.
Germany, a key player in the European car industry, recorded an 11.1% rise in overall sales. The country also saw a 58% increase in battery-electric vehicle (BEV) sales and an 83.6% increase in plug-in hybrid electric vehicle (PHEV) sales.
However, the industry is facing challenges such as U.S. import tariffs, competition from China, and difficulties in meeting profitably domestic regulations for EV adoption. ACEA CEO Ola Kaellenius co-signed a letter to European Commission President Ursula von der Leyen stating that EU targets to cut CO2 emissions from vehicles, including a 100% reduction for cars by 2035, are no longer feasible.
The surge in EV sales was partly driven by the inclusion of Chinese automaker BYD (002594.SZ) in the monthly sales data for the first time. BYD, which has been aggressively expanding its international sales, saw its overseas sales double in the first half of 2025. As a result, the company surpassed Tesla in Europe, with sales jumping 225.3% and securing 1.2% of the market. Tesla (TSLA.O), on the other hand, saw a 40.2% drop in sales, reducing its market share to 0.8%.
Sales at other major automakers also varied. Volkswagen recorded a 11.6% year-on-year increase, while Renault saw a 8.8% rise. Stellantis, however, experienced a 1.1% decline in sales.
Sales in the UK fell 5%, while sales in France and Italy dropped 7.7% and 5.1%, respectively. However, Spain, Poland, and Austria recorded increases of 17.1%, 16.5%, and 31.6%, respectively.
Plug-in hybrid sales in the European Union had the biggest jump since at least January 2023. Collectively, battery electric, hybrid electric, and plug-in hybrid cars account for 59.8% of the bloc's registrations.
As the European car industry continues to evolve, the focus on electric vehicles is expected to remain a key driver of sales in the coming months.
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