Car Sales in Europe Declined in November

Forex - Growth in new car sales in Europe turned negative again in November following insufficient growth in October, due to sharp declines in France and Italy and stagnation in Germany. According to the European Automobile Manufacturers Association (ACEA), the slowdown in electric vehicle (EV) sales was only partially offset by an increase in hybrid-electric vehicle registrations, which surpassed gasoline vehicles for the third consecutive month.

In November, the number of new vehicles registered in the EU, the UK, and the European Free Trade Association (EFTA) dropped by 2% from the previous year to 1.06 million. Among brands, registrations increased by 2.8% for Volkswagen and by 9.2% for Renault in the EU, UK, and EFTA, while Stellantis saw a decline of 10.8%.

In November, sales of battery electric vehicles (BEV) in the EU decreased by 9.5% due to sharp declines in France and Germany, while sales of hybrid electric vehicles (HEV) rose by 18%.

From November onwards, the sales of Tesla and SAIC Motor, which are subject to new EU tariffs on Chinese-made cars, decreased by 40.9% and 7.8%, respectively. EVs, HEVs, or plug-in hybrids (PHEVs) accounted for 55.8% of passenger car registrations in November, up from 51.8% the previous year.