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Expert forecast: Discount battle on the EU car market, including for electric and hybrid vehicles
The weak German new car business slowed down the car market across the EU in September. Experts are expecting many discount campaigns for the coming year – including on electric and hybrid vehicles. According to a report by Tagesschau.de, a total of 861,062 cars were newly registered in the European Union in September, an increase of 9.2 percent compared to the previous year. Nevertheless, car sales are still well below the level before the corona pandemic. Since the beginning of the year, new registrations have increased by 16.9 percent to a total of eight million vehicles, while there were ten million in the same period in 2019. In the first nine months of the year, Italy recorded...
Expert forecast: Discount battle on the EU car market, including for electric and hybrid vehicles
The weak German new car business slowed down the car market across the EU in September. Experts are expecting many discount campaigns for the coming year – including on electric and hybrid vehicles.
According to a report by Tagesschau.de, a total of 861,062 cars were newly registered in the European Union in September, an increase of 9.2 percent compared to the previous year. Nevertheless, car sales are still well below the level before the corona pandemic. Since the beginning of the year, new registrations have increased by 16.9 percent to a total of eight million vehicles, while there were ten million in the same period in 2019.
Italy recorded growth of 20.5 percent in the first nine months of the year, followed by Spain (18.5 percent), France (15.9 percent) and Germany (14.5 percent).
When it comes to drive types, gasoline engines continued to be popular in September, as just over one in three new cars sold had a gasoline engine. Hybrid cars with electric motors achieved a market share of over a fifth, while electric cars had a market share of 14.8 percent.
The main reason for the low growth in September was the weak development of the German market, the largest market in the EU. New registrations fell by 0.1 percent, particularly due to the expiration of subsidies for commercial purchases of electric cars. This led to a strong increase in new electric vehicle registrations in August (+171 percent) and contributed to market growth across the EU.
Experts predict that the EU new car market will grow by 16 percent for the year as a whole. A bleak picture is painted for 2024 due to the current economic situation, reduced purchasing power and increased new car prices. There is a risk of overcapacity as more vehicles are produced than sold. As a result, some manufacturers have already started special financing, promotions and cheap special models in order to stabilize sales. Consumers can look forward to discount campaigns, including on electric cars and hybrids.
Source: According to a report by Tagesschau.de, link: www.tagesschau.de
Read the source article at www.tagesschau.de