European car sales flat in October, EVs gain ground, ACEA says
Adds graphics
By Greta Rosen Fondahn and Alessandro Parodi
Nov 21 (Reuters) -New car sales in Europe were flat in October, after falling for two consecutive months, industry data showed on Thursday, while the transition to fully electric or hybrid models gained ground in the month.
An uptick in total sales in Spain and Germany, of 7.2% and 6% respectively, offset a contraction in France, Italy and Britain, the European Automobile Manufacturers Association (ACEA) said.
WHY IT'S IMPORTANT
European automakers are struggling with weak demand, high production costs, and managing the shift to EVs, while trying to fend off competition from China.
BY THE NUMBERS
The number of new vehicles registered in October in the EU, Britain and the European Free Trade Association (EFTA) rose 0.1% year-on-year to 1.04 million.
Sales of fully electric cars (BEVs) rose for the second consecutive month, up 6.9% in October, while thoseof hybrid cars (HEVs) rose by 15.8%.
Registrations in the EU, Britain and EFTA at Volkswagen VOWG_p.DE rose 12.6%, while they fell by 16.7% at Stellantis STLAM.MI and by 0.4% at Renault RENA.PA.
Sales were down 23.1% at EV maker Tesla TSLA.O and down 10% at China's SAIC Motor 600104.SS.
In the EU, total new car registrations rose 1.1% year-on-year. Germany saw sales increase with 6%, after three months of losses.
Electrified vehicles - either BEV, HEV or plug-in hybrids (PHEV) - sold in the bloc accounted for 55.4% of passenger car registrations in October, up from 51.3% in the previous year.
QUOTES
"As we head towards the end of the year, carmakers are increasingly rolling out discounts and deals to sell off any unsold stock," said Felipe Munoz, Global Analyst at market research firm JATO Dynamics in a separate statement on Wednesday.
"This is helping registration figures stabilise and shouldn't be mistaken as an indication of market recovery", he added.
CONTEXT
The European Union approved at the end of October increased tariffs on Chinese-built electric vehicles of up to as much as 45.3%.
Race for the market https://reut.rs/4eM5eIV
The halfway milestone https://reut.rs/3APNC18
Reporting by Greta Rosen Fondahn and Alessandro Parodi
Editing by Nick Zieminski and Susan Fenton
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
