Tuesday, July 16, 2024

European Car Registrations Surge by 102% in August, Led by Tesla

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New car registrations in Europe witnessed a remarkable surge of 20% in August when compared to the same month in the previous year. This unprecedented growth is primarily attributed to the soaring demand for electric vehicles (EVs) sweeping across the continent.

Recent registration data, compiled by JATO across 28 European markets, reveals that nearly 900,000 new vehicles found their way onto European roads in August. Notably, around 196,000 of these were battery-electric vehicles, marking a staggering 102% increase from August 2022. In parallel, sales of gasoline-powered vehicles experienced an uptick of 11%.

Several European markets have witnessed an extraordinary spike in demand for battery-electric vehicles. Notable examples include Belgium, where EV growth soared by an astounding 224%, Greece with a remarkable 183% jump, Luxembourg and Portugal both up by an impressive 164%, and Germany, where registrations of electric vehicles surged by 171%. Germany, in fact, stands out as the largest contributor to the overall BEV demand, accounting for a substantial 44%.

The Tesla Model Y and Tesla Model 3 continue to hold their positions as the two best-selling EVs in Europe. August saw 21,549 registrations for the Model Y and 11,943 for the Model 3, reflecting remarkable gains of 208% and 307%, respectively. The VW ID.4 secured the third spot in EV demand with 9,135 registrations (a 61% increase), followed by the ID.3 with 6,835 registrations, marking an impressive 86% rise.

Felipe Munoz, a global analyst at JATO Dynamics, observed, “It’s likely that the Model Y will become Europe’s most popular new passenger car by the end of the year. As a non-European model leading in Europe, it will be a remarkable and historic moment.”

MG, the automotive manufacturer, is also reaping the benefits of the growing EV demand. In August, MG entered the top 20 brands in Europe, surpassing brands like Jeep, Mazda, Mini, and Suzuki. In the EV segment, MG outperformed the likes of Audi, Opel/Vauxhall, Peugeot, Renault, and Skoda. Impressively, MG accounted for a substantial 69% of all Chinese vehicles sold in Europe, amassing a total of 197,800 sales.

Turning to the broader European car market, Volkswagen (VW) continues to maintain its lead, with 99,266 vehicles sold in August, marking a commendable 10% increase from the same month in the previous year. Following VW, the rankings include Toyota with 59,132 sales, BMW with 52,334, Audi with 51,132, and Skoda with 49,996 sales. Completing the top 10 were Mercedes (48,511), Peugeot (41,869), Renault (40,822), Kia (40,712), and Hyundai with 38,925 sales.

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