Finance offers and heavy discounting is masking the challenges of Europe’s new car market, according to JATO Dynamics.
Its monthly registrations analysis for 28 European markets has found the number of new car registrations in October was down by just 0.1% to 1,040,390 units versus October 2023, and year-to-date new car registrations rose by 1.1% to a total of 10,796,414.
Felipe Munoz, global analyst at JATO Dynamics, said: “As we head towards the end of the year, carmakers are increasingly rolling out discounts and deals to sell off any unsold stock. This is helping registration figures stabilise and shouldn’t be mistaken as an indication of market recovery.”
Registrations of electric vehicles increased by 6.7% compared to October 2023, driving overall sales figures last month.
Petrol car registrations rose by 0.7%, while figures for diesel vehicles and plug-in hybrids fell by 8.1% and 7.2%, respectively.
In October, petrol cars were the most popular among European consumers, followed by pure electric vehicles.
Munoz, added: “The strong performance of electric vehicles in Europe is welcome news, in particular for those manufacturers that already have a large electric offering.”
The Volkswagen Group took poll position in October, landing more than 287,000 new car registrations – an increase of 11%. As a result, its market share rose to a record of 27.6% – the highest in three years.
In contrast, Stellantis experienced a 17% decrease in registrations. While registrations of its electric vehicles increased by 5%, figures for its petrol, diesel, and plug-in hybrid cars dropped by 13%, 25%, and 63%, respectively.
Chinese manufacturers recorded mixed results. SAIC, the owner of MG and Maxus, registered 18,300 new cars in October – a drop of 8%. In contrast, BYD had a strong month due to the performance of its electric cars as well as the introduction of its plug-in hybrid models, registering 4,600 pure electric vehicles and 1,000 plug-in hybrid vehicles. Chery’s brands, Jaecoo and Omoda, also recorded good results last month.
The Dacia Sandero retained its position as the best-selling vehicle last month, despite a decrease in registrations of 2.7%. The Peugeot 208 took second spot in the ranking, with a significant increase in registrations of 41%. Other key players last month included the Volkswagen Golf and Tiguan, the Toyota Yaris, and the Dacia Duster. The BMW X1, Skoda Enyaq, Karoq, and Kodiaq also had solid performances in October, accroding to Jato.
