According to data released by the European Automobile Manufacturers' Association (ACEA), as Volkswagen Group and Stellantis, among other automakers, face weak demand, especially for electric vehicles, new car registrations in Europe reached 1.38 million units in March, a 2.8% year-on-year decline, marking the second consecutive year-on-year drop in four months. However, thanks to growth in the first two months, new car registrations in Europe increased by 5% year-on-year in the first quarter, reaching 3.395 million units.
From the market perspective, in March, new car sales in many European countries declined compared to the same period last year, partly due to the timing of Easter. Among the five major mainstream car markets in Europe, except for the UK (+10.4%), Germany (-6.2%), Spain (-4.7%), Italy (-3.7%), and France (-1.5%) all experienced varying degrees of decline in sales.
However, looking at the first quarter, sales in many European countries still maintained growth, especially in the five major mainstream car markets in Europe, all of which achieved robust growth. The UK saw a 10.4% increase in new car sales, while Italy and France both grew by 5.7%, and Germany and Spain grew by 4.2% and 3.1% respectively.
In terms of fuel types, the situation in the European pure electric vehicle market is relatively unfavorable. Due to cooling demand in Germany, Sweden, and Norway, pure electric car sales in Europe declined by 11% year-on-year in March.
Among them, pure electric car sales in Italy dropped by 34%, as consumers expected the government to introduce new subsidy policies, thus delaying the purchase of electric cars. Despite Volkswagen and other automakers subsidizing the national reduction in subsidies out of their own pockets, Germany's pure electric car sales still declined by 29% after the German government canceled subsidies for pure electric cars last year.
Looking at car manufacturers, in March, Volkswagen Group, Stellantis, and Renault Group remained the best-selling automakers in Europe, with Volkswagen Group and Stellantis seeing year-on-year declines of 6.6% and 8.7% in sales respectively, while Renault Group achieved a 2.7% year-on-year growth.
It is noteworthy that Tesla's situation in the European market is not satisfactory, with sales plunging by 35%. The reason for this decline includes an alleged arson incident that also led to Tesla's factory in Germany being forced to shut down. SAIC's sales in Europe grew by 8.5%, reaching 25,992 units.
In the first quarter, Volkswagen Group, Stellantis, and Renault Group were the best-selling automakers in Europe, all seeing growth in sales. However, due to factors such as tensions in the Red Sea and the alleged arson incident, Tesla's sales in Europe fell by 8.5% in the first quarter. It was reported that due to attacks on Red Sea ships leading to changes in transportation routes and resulting component shortages, Tesla announced the suspension of most car production at its Berlin factory from January 29 to February 11. SAIC's sales in Europe surged by 30.7% year-on-year, reaching 58,600 units.
