EVs drive Volkswagen Group’s strong European sales in October
In October 2024, retail sales in Europe fell by barely 0.1% to 1,040,390 units. The Volkswagen Group took the lead with almost 287,000 registrations and an 11% growth, increasing its market share to 27.6%, the highest level in three years. The Skoda Enyaq emerged as the top-selling EV in Europe, but Tesla’s sales dropped by 24%, and the number of Chinese automakers increased by 24% year over year.
In October, the new automobile market in Europe stayed steady. In comparison to October 2023 estimates, the number of new car registrations dropped by barely 0.1% to 1,040,390 units, according to data from JATO Dynamics for 28 European markets. 10,796,414 new passenger automobile registrations have been made so far this year, a 1.1% increase.
As the year draws to a close, automakers are increasingly offering discounts and promotions to clear away any unsold inventory, according to Felipe Munoz, global analyst at JATO Dynamics. This aids in the stabilization of registration numbers, which should not be interpreted as a sign of a recovering market.
Last month’s overall sales numbers were driven by a 6.7% rise in electric vehicle registrations compared to October 2023. Sales of gasoline-powered cars increased by 0.7%, but sales of diesel and plug-in hybrid cars decreased by 8.1% and 7.2%, respectively. Pure electric vehicles were the second most popular choice among European buyers in October, after gasoline-powered cars. “It is good to see that electric vehicles are performing well in Europe, especially for manufacturers that already have a sizable electric lineup,” Munoz continued.
Volkswagen Group Achieves Record Market Share
The Volkswagen Group obtained over 287,000 new automobile registrations in October, marking an 11% increase. As a result, its market share rose to 27.6%, the highest level in three years.
“The Volkswagen Group continues to set the benchmark across numerous segments and is performing well despite the challenges it is now facing,” Munoz stated. With the Skoda Enyaq surpassing the Tesla Model Y and taking the top place as Europe’s best-selling EV, the manufacturer’s success last month was entirely due to its all-electric vehicles. The Volkswagen ID.4 had a 24% increase in registrations, while the ID.7 saw almost 5,000 vehicles registered. Even still, more than three-quarters of the Volkswagen Group’s October registrations were for gasoline and diesel vehicles, despite the electric vehicles’ impressive performance.
Stellantis Sees Ongoing Sales Decline
Stellantis saw a 17% drop in registrations even though it was the second best-seller the previous month. Its electric vehicle registrations rose by 5%, but its gasoline, diesel, and plug-in hybrid vehicle registrations fell by 13%, 25%, and 63%, respectively. Munoz previously attributed Stellantis’ declining market share to the fact that several of its brands “need to renew their offering.”
Toyota and Geely Group Report Impressive Performance
In addition to the Volkswagen Group, the Geely Group and Toyota both had strong October results. Due to the sustained success of the Yaris and second-generation C-HR, Toyota had a 13% increase in registrations. Last month, the manufacturer registered about 63,000 hybrid vehicles, or nearly 75% of its total volume, compared to just 2,800 pure electric vehicles. Plug-in hybrids and electric cars both did well for the Geely Group, accounting for 31% and 39% of registrations last month, respectively. Last month, there were also notable spikes in registrations for Volvo and Polestar.
Chinese Manufacturers See Varied Results
In October, SAIC, the company that owns MG and Maxus, registered 18,300 new cars, an 8% decrease. BYD, on the other hand, recorded 4,600 pure electric vehicles and 1,000 plug-in hybrid vehicles during the month, thanks to the performance of its electric cars and the launch of its plug-in hybrid models. Last month, Chery’s brands Omoda and Jaecoo also saw positive outcomes. These brands are currently primarily found in Spain, Italy, Poland, and the United Kingdom.
The Dacia Sandero continues to be the top seller.
In spite of a 2.7% drop in registrations, the Dacia Sandero was still the best-selling car last month. With a notable 41% increase in registrations, the Peugeot 208 came in second in the standings. The Dacia Duster, Toyota Yaris, and Volkswagen Golf and Tiguan were other important vehicles last month. October saw strong performances from the BMW X1, Skoda Enyaq, Karoq, and Kodiaq as well. The Fiat/Abarth 600 saw a surge in units, from 304 in October 2023 to more than 4,169 last month; the Volvo EX30 registered more than 5,300 units; and the Porsche Macan saw a 142% gain in units thanks to its new electric generation.
