June 2024: Car sales in Europe increased by 3% while the European new car market expanded by 4% during the first half of 2024.
In June 2024, new passenger vehicle registrations in Europe (EU, EFTA, UK) increased by 3% to 1.3 million cars while the market expanded by 4% during the first six months of 2024. Chinese manufacturers continued to gain market share, especially in the battery-electric vehicle sector while Tesla was struggling despite the Tesla Model Y remaining Europe’s favorite electric car model. The Dacia Sandero was the top-selling car model in Europe during the first semester of 2024 while Volkswagen was the top carmaker and brand.
Latest European Car Market Statistics 2024: January, February, March, April, May, June, July, August, September, October, November; 2023: By Country, Brands, Models, Electric Models.
European New Car Market in June and First Half of 2024
During the first semester of 2024 passenger registrations in Europe (EU, JATO Dynamics’ data for 28 European countries showed that new passenger car registrations increased by just 4.4% between January and June 2024, compared to the same period in 2023, with volume increasing from 6,559,213 units in H1 2023, to 6,847,842 units in H1 2024.
In June 2024, new car sales in Europe increased by only 3% compared to June 2023.
Felipe Munoz, Global Analyst at JATO Dynamics, said: “Europe’s growth is becoming more moderate – still far from levels seen pre-pandemic due to a more complex operating environment, including emissions regulations, increasing prices of vehicles, and barriers facing the adoption of electric cars. Since the semiconductor shortage, electric vehicles have been the main driver of growth. It’s therefore vital that over the next 6 months, the industry does all it can to dispel uncertainty surrounding the EV market, including how EU tariffs on imported electric cars from China will impact the affordability of these vehicles.”
See also: 2024 (Half Year): New Car Sales per Country in the European Union, EFTA, and UK.
Weak Growth in Battery-Electric Car Sales in Europe (First Half 2024)
During the first half of 2024, sales of battery electric cars in Europe increased by only 2% to 950,000 cars. Uncertainty considering government incentives and importation taxes on Chinese cars may put further strain on the market in the second half of 2024.
Registrations of electric cars from Chinese brands in Europe during the first six months of 2024 increased by 26% to 70,000 vehicles. Similarly, the BEV market share of Chinese brands increased from 5.97% to 7.37%. Among all car groups, this was the third largest increase in market share, only outperformed by Volvo-Polestar (+2.9 points) and BMW Group (+2.2 points).
Felipe Munoz, Global Analyst at JATO Dynamics, noted: “Measures taken by the European Union to impose tariffs on BEV imports from China, target models that accounted for 17% of BEV registrations in Europe during H1 2024, excluding potential units imported by Tesla.”
In H1 2024, the European BEV market was led by the Volkswagen Group with 178,000 units. However, its volume was 14% lower than H1 2023, following a 24% drop posted by the Volkswagen brand, and a 55% drop by Porsche. While the Volkswagen ID.3 and ID.4 have been receiving updates, both are relatively old at nearly 5 and 4 years old, respectively, meaning it has been difficult for the German OEM to gain attention among new potential customers.
In contrast, BMW Group and Chinese OEMs gained significant traction during the first half of 2024. BMW Group secured almost 10% share within the BEV market, up from 7.5% in H1 2023. This comes thanks to strong results of its BMW iX1; i4; the introduction of the i5 (the top-selling electric large car); iX2; and the Mini Countryman. BMW as a brand, registered more electric cars during H1 2024 than the Volkswagen brand.
The Volvo EX30, made in China, was the third most registered electric passenger car in Europe during H1 2024. The fourth most popular was the MG4 – also made in China. Munoz, continued: “It’s clear that China has significantly helped to drive growth in the market. Without these competitive prices coming from China, consumers will face higher prices, meaning we could see demand could fall over the next few months.”
Increased Chinese Car Sales in Europe in 2024
Chinese OEMs also did well in Europe during the first half of 2024. Geely Group – the owner of Volvo, Polestar and Lotus – increased its BEV registrations by 52%, compared to H1 2023, outselling Hyundai-Kia, Mercedes, and Renault Group. This growth came thanks to strong results posted by the Volvo EX30 – Europe’s third best-selling electric.
BYD registered 17,000 electric cars – 14,000 more compared to H1 2023. In fact, BYD’s rapid growth allowed it to outsell Nissan, Smart, Toyota, Polestar, Citroen, Dacia, Ford, Mini, Porsche, and Mazda. As a result, BYD is now Europe’s 16th best-selling BEV brand – the second Chinese brand following MG, which held 8th place in the BEV ranking.
Xpeng registered 2,214 electric cars compared to 51 in H1 2023; Great Wall Motors doubled its volume to 2,123 units; ZEEKR secured 821 units compared to 0 in H1 2023; Hongqi increased its units to 366 units marking a 266% uplift; while Voyah secured 225 units, compared to 8 units in H1 2022.
Munoz, stated: “Sharp domestic competition is the driving force behind the extraordinary level of progress observed in China. However, the associated impacts of market saturation, oversupply, and a price war mean that for many, overseas expansion will be critical to fulfilling growth ambitions.” Between 2020 and 2023, Chinese brands increased the sales of their cars outside of the domestic market by 5.4 times.
Tesla Sales Struggling in Europe in 2024 (First Half Year)
After years of continuous growth, Tesla is starting to show signs of deceleration. Its registrations in Europe fell from 185,200 units in H1 2023, to 161,600 units this year through June.
Munoz, added: “This is very similar to what we have seen in the US and there are three reasons behind this. Firstly, we know that any brand cannot maintain growth with a limited product line that is starting to age. Secondly, increasing competition from other brands such as BMW, will undoubtedly impact its registrations, and finally, Tesla’s strategy of price cuts seen in 2023 no longer holds the same effect due to more and more Chinese OEMs offering competitively priced vehicles.”
Although the Tesla Model Y and Model 3 continued to lead the European BEV ranking, the former is no longer the region’s most popular model in the overall ranking – falling to the 8th position and posting the deepest drop in sales among the 25 most popular car models in Europe. 2024’s new facelifted Model 3 on the other hand is doing well, with a 37% increase, however, its growth may be impacted due to European consumers not favouring sedans.
Europe Car Sales Statistics
→ Latest European Car Sales Statistics
- 2024: January, February, March, April, May, June, July, August, September, October, November
- 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
