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Updated March 21st, 2024 at 13:13 IST

EU car sales surge 10.1% in February, driven by hybrid electric vehicles: Report

Key markets within the EU displayed robust growth, with registrations climbing by 13% in France, 12.8% in Italy, 9.9% in Spain, and 5.4% in Germany.

Reported by: Business Desk
EU automotive industry
EU automotive industry | Image:Unsplash
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European car sales: New car sales across the European Union (EU) saw a significant uptick in February, marking a 10.1 per cent year-on-year increase, according to data released by the European Automobile Manufacturers Association (ACEA) on Thursday.

Key markets within the EU displayed robust growth, with registrations climbing by 13 per cent in France, 12.8 per cent in Italy, 9.9 per cent in Spain, and 5.4 per cent in Germany. This growth trend mirrors similar patterns observed in January, indicating sustained momentum in the region's automotive sector.

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Of particular note was the remarkable surge in hybrid electric vehicle (HEV) sales, soaring by 24.7 per cent compared to the previous year. HEVs accounted for 28.9 per cent of the market share within the EU, up from 25.5 per cent a year ago, underscoring the increasing popularity of hybrid vehicles among European consumers.

Hybrid vehicles, viewed as a compromise between traditional combustion engines and fully electric cars, are gaining traction as a preferred alternative, particularly in Europe, the United States, and China.

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Furthermore, registrations for all electrified vehicles—encompassing fully electric models, plug-in hybrids, and full hybrids—witnessed an 18.4 per cent year-on-year increase. These electrified vehicles constituted 48.2 per cent of all new passenger car registrations in February, up from 44.8 per cent in the preceding year.

Leading automotive manufacturers within the EU, including Volkswagen, Stellantis, and Renault, experienced notable rises in registrations during February, with increases of 9.8 per cent, 12.0 per cent, and 5.8 per cent respectively.

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Meanwhile, electric car manufacturer Tesla recorded a significant 15.2 per cent surge in sales within the EU market.

China's SAIC Motor reported a remarkable doubling of sales in the EU, Britain, and the European Free Trade Association (EFTA). Notably, its subsidiary MG Motors introduced the hybrid hatchback MG3 model to the European market, aiming to provide consumers with a lower-emission option without the necessity for charging.

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(With Reuters inputs.)
 

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Published March 21st, 2024 at 13:11 IST

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