Bad for the car market, very bad for electric. The latest data speak clearly: in August registrations in Europe fell by 18.3% and electric cars collapsed (-44%). Data from Acea, the association of European manufacturers, confirm a market in crisis, especially in Germany, France and Italy.
After a timid sign of recovery in July, the decline in August was significant: sales of new cars stopped at 643,637 units, compared to 787,812 in the same month of 2023. The slowdown was double-digit for Germany (-27.8%), France (-24.3%) and Italy (-13.4%), three of the four main markets. Spain held firm, however, with a -6.5%. Comparing the data to those of 2019, before the pandemic, the decline is almost 30% (29.6% to be exact).
We can speak of a real collapse for the electric sector, which loses a third of its volumes. Fourth consecutive month in the red. Registrations of battery-electric vehicles (BEV) fell by 43.9% to 92,627 units against 165,204 in August 2023. A “bloodbath” driven by Germany (-68.8%) and France (-33.1%). In the first eight months of 2024, 902,011 BEVs were registered (-8.3%) equal to 12.6% of the market. It is not going well for plug-in hybrids either, which fell by 22.3%. Last year they represented 7.4% of the market at this time, now we are at 7.1%.
The only cars with growth in sales in August were hybrids (+6.6%), at 201,552 units, reaching 31.3% of the market from 24% last year. Looking at the different countries, the ones leading the way were Spain (+12.6%), France (+12.5%) and Italy (+2.5%), while Germany (-0.1%) remained substantially unchanged. Petrol and diesel cars still represent 44.3% of the market. But here too, a minus sign: petrol -17.1% and diesel -26.4%.
Looking at individual brands, we note the sharp decline in August of Stellantis with -29.5% and a market share that goes from 16.7% to 14.4%. Over the long period (from January to August) the decline is 3.2%. Losses over 40% for Citroen, Fiat, Lancia, DS. -15% for Peugeot and Jeep. Minus sign also for Renault (-14.9%), Hyundai (-14.5%), Toyota (-4.3%), BMW (-15.6%) and Mercedes (-12.7%). Deep red for Tesla (-43%).
Despite the slowdown in August and the electric disaster, 2024 remains tepidly positive at the moment. But an increase of 1.4% is certainly not reassuring about the health of the European automotive sector and its future. And to address the crisis, ACEA is asking the European Commission to move the CO2 emission reduction targets to 2027. Maintaining the entry into force of the new rules from January 2025 would mean immediately impacting future registrations and the market, which is suffering heavily, does not know how it could cope.
