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European Passenger Car Market Witnesses Decline
(MENAFN) The European passenger car market contracted by 3.4 percent in February compared to the previous year, with Germany and Italy experiencing the most significant drops, based on an industry report published on Tuesday.
Germany witnessed a 6.4 percent drop, then Italy comes after, where the market shrank by 6.2 percent.
While the overall market faced a decline, electric and hybrid vehicles continued to show robust increase, signaling a shift towards more sustainable transportation.
Sales of battery-electric vehicles soared by 23.7 percent in February, demonstrating their increasing appeal among EU consumers. Similarly, hybrid-electric vehicle sales saw a strong rise, growing by 19 percent year-over-year.
However, plug-in hybrid electric vehicle sales encountered a slight dip, falling by 1.4 percent compared to the same period the previous year.
On the other hand, traditional internal combustion engine vehicles struggled significantly.
Petrol car registrations dropped dramatically by 22.4 percent, while diesel vehicle sales fell even more steeply, down by 28.8 percent.
This decline continues the trend of diminishing demand for fossil-fuel-powered cars within the European Union.
Tesla, the US-based electric vehicle manufacturer, experienced a notable downturn in its European sales, which decreased by 41.7 percent on a yearly basis, totaling 11,743 units in February.
As a result, Tesla's market share also shrank to 1.4 percent, down from 2.5 percent in February 2024.
Germany witnessed a 6.4 percent drop, then Italy comes after, where the market shrank by 6.2 percent.
While the overall market faced a decline, electric and hybrid vehicles continued to show robust increase, signaling a shift towards more sustainable transportation.
Sales of battery-electric vehicles soared by 23.7 percent in February, demonstrating their increasing appeal among EU consumers. Similarly, hybrid-electric vehicle sales saw a strong rise, growing by 19 percent year-over-year.
However, plug-in hybrid electric vehicle sales encountered a slight dip, falling by 1.4 percent compared to the same period the previous year.
On the other hand, traditional internal combustion engine vehicles struggled significantly.
Petrol car registrations dropped dramatically by 22.4 percent, while diesel vehicle sales fell even more steeply, down by 28.8 percent.
This decline continues the trend of diminishing demand for fossil-fuel-powered cars within the European Union.
Tesla, the US-based electric vehicle manufacturer, experienced a notable downturn in its European sales, which decreased by 41.7 percent on a yearly basis, totaling 11,743 units in February.
As a result, Tesla's market share also shrank to 1.4 percent, down from 2.5 percent in February 2024.
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