Europe New Car Registrations Rise Further Amid Massive EV Sales Growth

RTTNews | 681 days ago
Europe New Car Registrations Rise Further Amid Massive EV Sales Growth

(RTTNews) - The European car market continued to log double-digit sales growth in July amid the rising demand for battery electric vehicles, after component shortages damped sales in the same month last year, data released by the European Automobile Manufacturers' Association, or ACEA, showed on Wednesday.

New car registrations advanced 15.2 percent on a yearly basis in July, following a 17.8 percent gain in June. Sales volume increased for the twelfth straight month.

The number of units sold totaled 851,156 in July versus 739,135 units in the corresponding month last year.

Among the four major markets, France logged the biggest growth in sales by 19.9 percent, closely followed by Germany with an 18.1 percent surge.

The car market in Spain also showed a strong increase of 10.7 percent and an 8.7 percent rise was seen in Italy.

Battery electric car registrations logged a further massive annual growth of 60.6 percent to reach 115,971 units in July, equaling the market share of 13.6 percent.

In July, hybrid electric cars also retained strong growth momentum, rising by 31.6 percent to 217,530 units.

Hybrid-electric cars maintained their position as the second choice among new car buyers, capturing over a quarter of the market.

Nonetheless, internal combustion engine cars, including petrol and diesel models, retained a combined market share of half of new car sales.

Although the EU petrol car market grew by 5 percent over the year, market share decreased from 39.3 percent to 35.8 percent.

At the same time, the market for diesel cars continued to show a downward trend in July, falling 9.1 percent despite 2.7 percent growth witnessed in Germany.

During the January-July period, total car registrations grew 17.6 percent to 6.3 million units.

Despite indications of the European automotive industry's recovery from the pandemic-related supply disruptions, year-to-date volumes are still 22 percent lower than in 2019, the ACEA said.

read more
German Exports Decline As Tariff Treats Damp Demand From US

German Exports Decline As Tariff Treats Damp Demand From US

Germany's exports declined for the second straight month in May due to a sharp fall in demand from the US amid tariff threats, data from Destatis revealed on Tuesday. Exports decreased by more-than-expected 1.4 percent month-on-month in May, following April's 1.6 percent fall. Economists had forecast a 0.2 percent drop. Imports slid 3.8 percent from last month.
RTTNews | 3 days ago
Eurozone Retail Sales Drop For First Time In 5 Months; Services Output Fall

Eurozone Retail Sales Drop For First Time In 5 Months; Services Output Fall

Euro area retail sales decreased for the first time in five months and services production declined in May, suggesting a slowdown in the second quarter. Retail sales logged a monthly fall of 0.7 percent in May, reversing April's 0.3 percent increase, Eurostat reported Monday. Sales were expected to drop 0.8 percent. Another data from Eurostat showed that services production decreased 0.3 percen
RTTNews | 4 days ago
Eurozone Investor Confidence Strongest In More Than 3 Years

Eurozone Investor Confidence Strongest In More Than 3 Years

Eurozone investor confidence rose to the highest level in more than three years in July suggesting that fears of recession triggered by the US tariff shocks are completely off the table, survey data from the behavioral research institute Sentix showed on Monday. The investor confidence index advanced to 4.5 in July from 0.2 in June. The reading was the highest since February 2022 and also stayed
RTTNews | 4 days ago
German Industrial Production Rebounds In May

German Industrial Production Rebounds In May

Germany's industrial production rebounded in May driven by robust demand for automobile and pharmaceutical products, official data revealed on Monday. Data released by Destatis showed that industrial production grew 1.2 percent in May from a month ago, confounding expectations for a decline of 0.6 percent. Output in April was revised down to show a 1.6 percent fall compared to the 1.4 percent d
RTTNews | 4 days ago
German Factory Orders Log Bigger-Than-Expected Fall

German Factory Orders Log Bigger-Than-Expected Fall

Germany's factory orders declined more than expected in May on falling demand from both the domestic market and other euro area economies, official data revealed on Friday. Factory orders decreased 1.4 percent from a month ago, Destatis reported. Orders were expected to drop 0.2 percent after an upwardly revised 1.6 percent rise in April. Orders declined for the first time in four months.
RTTNews | 6 days ago
Eurozone Private Sector Expands More Than Estimated

Eurozone Private Sector Expands More Than Estimated

The euro area private sector expanded more than previously estimated in June as both manufacturing and services sectors registered higher output, final survey results from S&P Global showed on Thursday. The HCOB final composite output index advanced to 50.6 in June from 50.2 in May. The reading was well above the flash estimate of 50.2.
RTTNews | 8 days ago
Eurozone Inflation Hits ECB Target

Eurozone Inflation Hits ECB Target

Euro area inflation rose slightly to hit the European Central Bank's 2 percent target in June on slower fall in energy prices and the rise in services inflation, flash estimate from Eurostat showed on Tuesday. Annual inflation climbed to 2.0 percent in June from 1.9 percent in May. The rate reached the inflation target and also matched economists' expectations.
RTTNews | 9 days ago