Car sales in Europe jumps 14.6% in October, Tesla increases by 150%

New car sales in Europe have increased to 14.6% in October this year, this number is primarily led by the sales of EVs, while hybrid electric cars accounted for about three out of every 10 vehicles sold in the region.

Date from the Automobile Manufacturers Association (ACEA) revealed that fully electric cars saw a huge increase of 36.3% yearly and full hybrid sales were up nearly 39% as the EU recorded its 15th consecutive month of sales growth, the European.

The ACEA said fully electric cars made 14.2% of sales in October, surpassing diesel cars for the third time.

As of 2015, diesel models accounted for more than 50% of cars sold in the EU but they accounted for just 12% of sales in October. For the ten months through October, sales of fully electric cars were up 53.1%.

Electrified vehicles – fully electric, plug-in hybrids, or full hybrids accounted for over 47% of all new passenger car registrations in the EU between January and October 2023. This is an increase from 42% in October 2022.

Source – ACEA

Analysts and dealers are concerned about EV sales, which may soon begin to see a decline in consumer interest after several years of rapid growth. The analyst also noted that the customers are now expecting affordable EVs.

Specifically, Volkswagen saw an increase of 9.9% in October. Stellantis and Renault rose to 11.3% and 24.3% respectively. However, Tesla is the biggest winner with a nearly 150% sharp increase. The Elon Musk-led EV maker accounts for around 12% of the overall electric cars sold in Europe.

ACEA mentioned the number of registered vehicles in the EU, Britain and the European Free Trade Association (EFTA) recorded a growth of 14.1% to 1.04 million units.

(source)