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European Car Sales Increase by 0.9% in 2024; Renault Surpasses Stellantis in December

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European Car Sales Increase by 0.9% in 2024; Renault Surpasses Stellantis in December

by Mich M.
01/21/2025
in Market Trends

New car sales in Europe increased by 0.9% in 2024, driven by strong growth in hybrid vehicle registrations, which exceeded petrol car sales for the fourth consecutive month in December, according to industry data released on Tuesday.

For the first time since the formation of the Franco-Italian group in January 2021, Renault overtook Stellantis in market share in Europe in December, based on data from the European Automobile Manufacturers Association (ACEA).

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The European car market is currently undergoing a challenging transition toward electric vehicles (EVs), with slower-than-expected growth in EV sales. Automakers have also raised concerns about measures, such as CO2 emission rules set to take effect this year, which are designed to encourage the shift away from combustion engines. Additionally, European manufacturers are facing rising production costs and increased competition from China.

In December, new car sales in the European Union, the UK, and the European Free Trade Area (EFTA) grew by 4.1% year-on-year, with 1.1 million cars sold. Sales at Volkswagen and Renault saw increases of 4.9% and 16.6%, respectively, while Stellantis experienced a decline of 6.7%. Renault’s market share in Europe rose to 11.9%, while Stellantis’ share fell to 11.6%.

In the EU, December sales increased by 5.1%, with hybrid electric vehicles (HEVs) and plug-in hybrid vehicles (PHEVs) seeing growth of 33.1% and 4.9%, respectively. However, sales of fully electric vehicles (BEVs) dropped by 10.2%. Electrified vehicles, which include BEVs, HEVs, and PHEVs, made up 57.7% of passenger car registrations in December, compared to 53.3% in the same period the previous year.

Among the largest EU markets, Spain recorded the highest sales growth with a 28.8% increase, while Germany and Italy saw declines of 7.1% and 4.9%, respectively.

ACEA president Ola Kaellenius highlighted concerns about the CO2-emission targets, which were based on expectations of rapid EV demand growth that has not materialized as anticipated. He called for political leaders to reconsider strategies to support the transition.

In the context of global trends, U.S. President Donald Trump recently indicated plans to revoke the EV mandate introduced under the Biden administration, confirming previous recommendations from his transition team.

Get comprehensive supply chain report news updates at The Supply Chain Report. For international trade tools, see ADAMftd.com.

#EuropeanCarSales #RenaultVsStellantis #ElectricVehicleTransition #HybridGrowth #GlobalAutoMarketTrends

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