Increase in auto sales within the EU crystallizes significantly in July
The European car market has shown a significant shift in the first seven months of the year, with electric vehicles (EVs) taking centre stage. According to data provided by the industry association ACEA, the European new car market showed stagnation at the start of the year, but the automotive retail market for passenger cars in the EU has been on an upward trend ever since.
July saw a 7.4% increase in passenger car registrations compared to the same month last year, reaching 914,680 vehicles. The growth was particularly notable for electric vehicles, making them the big winner in the market. In fact, electric vehicle (EV) sales saw a 39% increase in July, totaling 142,699 registrations.
The year-to-date growth for all vehicles, however, remains below the same period last year. But the growth in EVs is a different story. The market share for electric vehicles in the year so far stands at 15.6%, a notable increase from previous years.
Pure electric vehicles (EVs) are on the rise in the European automotive retail passenger car market. The growth in July followed a weak performance in the previous month. This surge in demand for EVs was primarily driven by German brands, with Volkswagen (VW) regaining its position as the top-selling electric car brand in Germany with over 70,600 new registrations (an increase of over 11.7%).
German brands generally performed well in the top ten, though some new Chinese manufacturers entered the German market without yet competing on the same sales volume level. Tesla, while still a major player, saw a nearly 9% decrease in sales in July.
Overall, electric car registrations in the EU grew by about 39% in July with strong contributions from Germany, the largest market for electric vehicles in Europe. This growth marked the first time in seven months that the one million mark for EV sales was surpassed.
Despite the positive growth in July, the year-to-date balance for the European new car market remains 0.7% below last year's level at 6.49 million units. However, with the continued growth in EV sales, it seems that the European car market is on track for a strong recovery in the second half of the year.
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