European car market on the rise, but electric cars are slowing down and Chinese cars are lagging behind
The British Statistical Institute Jato Dynamics confirms sales growth (+12.6%), but notes a decline in electric cars and a slowdown in Chinese-made cars and SUVs. Wheeled models look set to pass peak sales and begin a decline
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Key points
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Data compiled by the British institute Jato Dynamics and referring to the 28 European markets indicate that April was a positive month for new car sales in Europe. In fact, 1,080,517 new vehicles were registered, an increase of 12.6 per cent compared to April 2023, driven mainly by demand for B-segment saloons and compact cars in general. Registrations since the beginning of the year totalled 4,461,734 new units, an increase of 6.7 % compared to the same period last year.
Decline of electrics from 2023 becomes a case
.While electric vehicles, SUVs and Chinese-made cars have been the main drivers of European market growth in recent years, the latest monthly figures from Jato Dynamics reveal that this is no longer the case. In April, the market share of battery electric vehicles increased by just 0.3 percentage points, from 13.1 per cent in April 2023 to 13.4 per cent last month, while registrations rose by 15 per cent. Although this figure is higher than the market growth, it is lower than the monthly increases recorded in 2023.
EV market conditioned by residual value
.According to Jato Dynamics, the electric car market is not doing as well as last year. This is largely due to the ongoing price cuts that have raised concerns among consumers especially about the residual value of battery cars and still uncertainty about how prices will evolve in the coming months. In some countries, such as Italy, the arrival at last of incentives that are especially supportive of electric cars is likely to improve the negative trend in the coming months.
Bmw approaches Tesla's sales numbers
.Volkswagen dominated the electric car market in April, despite a 7% drop in volumes compared to the same month in 2023. Tesla followed closely behind with 0.6 per cent growth in registrations, with the Model Y maintaining the top spot in the overall ranking. However, it was BMW that was the main driver of growth in April, with registrations of its electrics up 82%. The Munich-based manufacturer registered 14,179 units during the month, just 28 units less than Tesla.
Success for Volvo thanks to the EX30
Volvo also performed well with 13,275 units registered, marking a 141 per cent increase over April 2023. This was largely due to strong demand for the EX30, the second best-selling electric model in Europe in April. Byd recorded 2,746 units in the fourth month of the year, surpassing Cupra, Nissan and Toyota to become the 15th best-selling electric car brand. EV sales were down for Opel (-37%), Polestar (-26%), Skoda (-13%) and MG (-12%).
