In August 2024, new passenger vehicle registrations in Europe (EU, EFTA, and the UK) contracted with BEV electric car sales sharply down.
Battery-electric vehicle sales in Europe in August 2024 contracted by a sharp 36% to drag the overall new car market down by 16% — the largest monthly decline in over two years. Volkswagen and Toyota remained the largest car brands in Europe despite weaker sales. The Dacia Sandero was again the top-selling car model in Europe in August 2024 while the Tesla Model Y remained Europe’s favorite electric car model.
Latest European Car Market Statistics 2024: January, February, March, April, May, June, July, August; 2023: By Country, Brands, Models, Electric Models.
New Passenger Vehicle Registrations in Europe in August 2024
New passenger vehicle registrations in 28 European markets monitored by JATO Dynamics decreased by 16% in August 2024 to only 753,482 cars. This compares to 899,881 cars sold in August 2023 and represents the largest year-on-year drop since June 2022.
Felipe Munoz, Global Analyst at JATO Dynamics, said: “The industry is going to face further challenges in the coming months. Buyers are still grappling with the pressure to make the switch to electric, and EVs continue to be more expensive than already-pricey combustion engine cars.”
A total of 8.64 million new cars have been registered in Europe so far in 2024 – an increase of just 1.9% compared to the same period last year. Munoz commented: “If this trend continues, the end-of-year results could present an overall decline in vehicle registrations.”
Even with August 2023 sales well above the 0.71 million recorded in August 2022 and August 2021, the European new car market is clearly not in robust health.
Weak Electric Car Sales in Europe in August 2024
The decline in demand for battery electric vehicles (BEVs) had a significant impact on the performance of the overall European new car market in August 2024. Only 125,070 electric cars were registered in Europe in August 2024, marking a 36% fall in year-on-year sales. This is the largest drop the segment has experienced since January 2017, when registrations were first recorded. Munoz added: “Appetite for BEVs among consumers is quickly diminishing. There are many factors contributing to this, including the lack of clarity around incentives, high prices, and concerns around the low residual value of EVs.”
A large contributing factor to the sharp drop in electric car sales in August 2024 was the unusually high registrations in August 2023, which was the final month for generous subsidies to companies buying electric cars in Germany. However, even this one-off statistical event cannot obscure that electric car sales in Europe have been relatively weak throughout 2024.
The market share of electric car sales in Europe fell from 21.8% in August 2023 to 16.6% in August 2024. Despite the year-on-year decline, the segment recorded its highest monthly market share this year and surpassed both August 2022 and August 2021 – 3.6 points and 4.6 points lower respectively. Munoz said: “While market share has risen from previous years, the increase is not as large as we would expect given the significant amount of time that has passed.”
The car manufacturers suffering the most from weaker BEV registrations in Europe were the Renault Group (-64%); SAIC (-65%); Stellantis (-52%); Hyundai-Kia (-51%); and Tesla (-44%). By brand, Volkswagen sales contracted by 46% and was outsold by BMW. Smart (-68%); MG (-65%); Opel/Vauxhall (-63%); Citroen (-63%); Fiat (-55%); Hyundai (-53%); Kia (-50%); and Polestar (-47%) all had much weaker battery-electric vehicle sales in Europe in August 2024. The BMW Group experienced a relatively small decline of 5%, whereas Geely Group and BYD registrations rose by 52% and 18% respectively.
In contrast, the market share of Chinese carmakers (including Geely’s owned Volvo, Polestar, and Lotus) within the BEV segment increased from 10.5% in August 2023 to 15.5% in August 2024. The strong performance of Chinese-made cars was largely due to the success of the Volvo EX30 and certain BYD models.
As a result, the total market share of Chinese carmakers of electric car sales in Europe in August was larger than Tesla’s at 15.3% and outperformed only by Volkswagen Group at 22.5%.
Top-Selling Car Brands in Europe in 2024 (August)
The 25 best-selling car brands in Europe in August 2024 were:
Volkswagen remained the largest car brand in Europe despite narrowly underperforming the broader market. The next four largest car brands in Europe in August 2024 all gained market share despite weaker sales.
Volvo was the only top-25 brand in Europe with higher car sales in August 2024. VW-owned Skoda and Seat also performed relatively well with flat sales. Of the top brands, Fiat, Tesla, and Citroen were the worst performers.
Best-Selling Car Models in Europe in August 2024
The 25 best-selling car models in Europe in August 2024 were:
Europe’s Favorite Car Models in August 2024
For the sixth time in 2024, the Dacia Sandero was the top-selling car model in Europe in August 2024 with 15,653 sales – a 9% year-on-year increase. The Dacia Sandero is Europe’s favorite car thus far in 2024 with 183,000 registrations. Despite slipping to 13th in August, the VW Golf is the second-best-selling car in Europe during the first eight months of 2024.
The Tesla Model Y followed closely with 13,410 units – a drop of 38%. The Model Y was again Europe’s favorite electric car. The Toyota Yaris Cross was in third position, recording a 24% increase in registrations.
Other car models that performed well in Europe in August 2024 included the Dacia Duster (+10%); Volkswagen Polo (+26%); BMW X1 (+11%); Skoda Fabia (+21%); Toyota C-HR (+24%); Skoda Karoq (+25%); Opel/Vauxhall Astra (+40%); Peugeot 3008 (+22%); and Seat Ibiza (+74%).
Best-Selling Electric Cars (BEV and PHEV) in Europe in August 2024
The ten best-selling PHEV and BEV in Europe in August 2024 according to JATO were:
With the exception of the new Volvo EX30, all top-ten electric car models had weaker sales in Europe in August 2024 compared with the same month in 2023. The Tesla Model Y remained the best-selling BEV despite sales contracting by 38%. The Tesla Model 3, Volkswagen ID4, and VW ID3 performed even worse.
Among the latest models introduced, the Volvo EX30 became Europe’s second-best-selling BEV in August and the third-best-selling electric vehicle in 2024. MG registered 3,151 units of the MG 3; Volkswagen registered 2,803 units of the ID.7; the Renault Scenic registered 2,193 units; the Fiat 600 recorded 2,047 units; the BMW i5 registered 1,748 units; the Lexus LBX sold 1,634 units; and the Ford Explorer EV registered 1,424 units.
Europe Car Sales Statistics
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- 2024: January, February, March, April, May, June, July, August
- 2024 (Half Year): Car Sales by European Country, Top Brands, Top 25 Models
- Full-Year 2023: Car Sales by Country, Brands, Top 50 Models, Top 20 Electric Car Models
