EU Car Sales Rose in February; Germany Drags EV Growth
By David Sachs
Registrations of new cars in the European Union rose in February, but electric-vehicle sales growth was dragged by a drop in Germany.
New car registrations--which mirror sales--grew 10% on year to 883,608 units February, driven by consumers in France and Italy, the European Automobile Manufacturers' Association, known as ACEA, said Thursday.
Monthly sales of fully-electric vehicles rose 9% to 106,000. However, this was modest compared with a 29% rise in January. EV sales in Germany, the EU's largest auto market, fell 15% in February, ACEA said.
Car-buyers opted for traditional hybrid cars, which burn more gasoline than plug-in hybrids, with sales surging 25% due to notable growth in the bloc's largest markets of France, Spain, Germany and Italy, ACEA said. French registrations of hybrids leaped 41.5% in February, helping the vehicle type to a 29% market share.
Mass-market carmakers increased sales in the region, as Jeep maker Stellantis posted a 12% jump, Volkswagen Group sales rose 9.8%, and Renault registrations ticked up 5.8%. Mercedes-Benz posted a 4% sales decline and BMW noted an increase of 3.3%.
Write to David Sachs at david.sachs@wsj.com
(END) Dow Jones Newswires
March 21, 2024 03:14 ET (07:14 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Should You Buy and Hold an Artificial Intelligence Portfolio?
-
3 Cheap and Dependable Dividend-Growth Stocks to Buy
-
The Best Bank Stocks to Buy
-
After Earnings, Is Roblox Stock a Buy, Sell, or Fairly Valued?
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?