TM - EU car sales up 9.2% in September aided by EV demand

2023-10-20 09:33:47 ET

New car registrations in the EU rose 9.2% in September, reaching 861,062 units, the European Automobile Manufacturers' Association (ACEA) said on Friday, aided by higher sales of hybrid and electric cars.

This marks the fourteenth consecutive month of growth, with Italy (+22.7%) and France (+10.7%) seeing the most gains. Germany's market was largely stable, with a 0.1% decline from September 2022.

The market share of battery-electric vehicles increased to 14.8% in September from 14.1% in the same month the year before. With a sizeable 27.3% market share, hybrid-electric vehicles maintained their position as the second-most popular choice.

Although petrol cars remained the top choice, their market share decreased from 35.3% in September 2022 to 34.1% this year.

The EU automobile market expanded significantly in the first three quarters of 2023, rising 16.9% to reach 8M registered units.

August saw a 21% surge in EU car registrations, with double-digit growth in the three largest markets - Germany, France, and Italy.

Stocks to watch: Volkswagen ( OTCPK:VWAGY ); Stellantis ( STLA ); Renault ( OTCPK:RNSDF ); Toyota ( TM ); Ford ( F ); Volvo ( OTCPK:VLVLY ).

More on car makers

• Ford Motor: The Quiet Before The Storm
• Ford: 3 Reasons Why This Dividend Stock Is Not A Buy And 1 Reason It Could Be
• Dividend Roundup: Dell, Lowe’s, Blackstone, Ford, and more
• Toyota works out deal with Tesla to adopt NACS charging standard

For further details see: