Date
9/24/2024 8:56:31 AM
(MENAFN) The European Union’s automotive market experienced a significant downturn in August, marking the largest decline in new car registrations in over two years, according to data released by the European Automobile Manufacturers’ Association (ACEA). Year-on-year, new automobile registrations fell by 18.3 percent across the bloc, with particularly steep drops in the three major markets: Germany saw a staggering 27.8 percent decrease, France experienced a 24.3 percent decline, and Italy’s registrations dropped by 13.4 percent. Spain, the fourth largest car market in the European Union, also faced a 6.5 percent reduction.
Only a few EU member states managed to post slight growth in new car registrations during the same period, with Poland, Slovenia, Cyprus, and Malta being the exceptions. In terms of fuel types, petrol-fueled vehicles accounted for 33.1 percent of new registrations, closely followed by hybrid-electric vehicles (HEVs) at 31.3 percent. Conversely, the share of new battery-electric vehicles (BEVs) in the European Union market plummeted to 14.4 percent, down from 21 percent in August 2023. This decline marks the fourth consecutive month of decreasing BEV deliveries, a stark contrast to the steady growth observed earlier in the year.
This widespread drop in registrations coincides with the European Commission’s introduction of provisional tariffs in July on BEVs imported from China, following an anti-subsidy investigation that revealed unfair subsidies benefiting the Chinese BEV value chain. The Commission’s findings indicated that such practices pose a threat of economic injury to European Union-based BEV manufacturers, contributing to the current challenges faced by the automotive sector in Europe.
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Publish date : 2024-09-24 06:00:00
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