The European car market continues its robust resurgence, with a remarkable 15.2% increase in auto sales reported for the month of July. This growth marks the 12th consecutive month of positive gains, underscoring the auto industry’s successful recovery from supply chain disruptions triggered by the COVID-19 pandemic.
The latest data released by the European Automobile Manufacturers Association (ACEA) underscores a notable shift in consumer preferences, with electric vehicles (EVs) emerging as the primary driver of sales momentum. The report reveals an impressive 60.6% surge in electric vehicle sales, with the momentum driven by incentives and subsidies offered by several European Union (EU) member states.
Of particular significance is the remarkable rise of full electric vehicles (Full EVs), accounting for 13.6% of all new vehicle sales. This represents a substantial increase from the previous year, where Full EVs accounted for less than 10% of sales in July 2022.
Plug-in hybrid cars, combining combustion engines with substantial battery capacity, also made their mark, constituting 7.9% of new vehicle sales. Notably, every fourth car sold in the EU is now a full hybrid, reflecting a growing embrace of cleaner and more efficient mobility options.
A pivotal shift is evident in the domain of traditional internal combustion engine vehicles. Gasoline and diesel cars collectively account for less than 50% of all new car sales. Diesel vehicles, which once commanded over 50% of new vehicle sales in 2015, have dwindled to a mere 14% of sales in July 2023.
The ACEA report delves into the specific performance of major automotive manufacturers. Volkswagen registered an impressive 17.9% growth in sales, while BMW surged ahead with a 22.5% increase. Renault’s sales also witnessed a substantial uptick of 16.9%. However, Stellantis faced a 6.1% dip in sales, attributed to logistical and delivery challenges in the European market.
The confluence of heightened consumer interest in electric vehicles and the ongoing recovery from pandemic-related disruptions paints a transformative picture of the European auto market. The robust adoption of cleaner and more sustainable mobility options, coupled with changing preferences, promises to reshape the automotive landscape in the continent, driving innovation and contributing to efforts for a greener future.