Weak EV Market Dragged Down European Car Sales in March

Europe’s new car sales fell in March for the first time this year, dragged down by a decline in electric vehicle EV registrations and the timing of the Easter holidays, the European Automobile Manufacturers’ Association, ACEA, said on Thursday. All new car sales in the European Union car market dropped by 5.2% year-on-year to 1 million units in March, while passenger vehicle sales in Europe including non-EU members such as the UK and Norway fell by 2.8%, ACEA’s data showed.

Among the three largest BEV markets, Belgium 23.8% and France 10.9% enjoyed double-digit increases, while Germany faced a significant decrease of 28.9%, ACEA said. The EU saw a total of 332,999 new battery-electric cars registered during the first quarter of 2024, up by 3.8% compared to the same quarter last year. Despite the general market decline, hybrid-electric car registrations in the EU jumped by 12.6% in March 2024, with France and Italy driving the increase.

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