7:37 am, March 6, 2024
New car registrations in Europe jumped by 11% in January but EV market share stuttered, latest figures show.
Data published by JATO Dynamics shows 1,011,281 cars were registered in Europe in January – an 11% rise on the same month last year, and driven by the continued popularity of SUVs.
Some 543,000 SUVs rolled onto Europe’s roads during the month, accounting for over half (52.8%) of registrations in January. Carmakers such as JLR, Nissan and Geely relied on SUV sales more than others, with the type accounting for 97%, 92% and 86% of their sales respectively.
Felipe Munoz, global analyst at JATO Dynamics, said: ‘It’s clear that SUVs are not losing their shine to European consumers, despite these vehicles being subject to new campaigns and regulations in certain countries.’
He added: ‘From the 19 car groups we analysed, SUVs were the best-selling vehicles among 14 of them – a significant achievement for the segment.’
Volkswagen Group led the SUV segment with a 23% share, but this was a 4% decline compared to January 2023. Stellantis, however, saw a 25% increase in SUV volume thanks to strong sales of the Peugeot 2008, Vauxhall/Opel Mokka and Jeep Avenger.
Electric car registrations grew in January by 29%, but their market share stuttered – EVs took 12% of the market which was the lowest level recorded since their 10% share in January 2023.
Tesla led the way with electric car registrations, accounting for a 15% share, thanks to the continued popularity of the Model Y. The electric SUV outperformed combined volume registrations for all of BMW’s electric models.
Munoz said: ‘While interest in electric vehicles remains strong among consumers and fleets, these vehicles are no longer enjoying the same growth rate seen over the last year and a half.
‘It is clear that a lack of affordable models alongside regulatory uncertainty continues to have an impact on mass adoption across Europe.’
The Dacia Sandero was the best-selling car in January 2024, taking 25,038 registrations. The Volkswagen Golf was second with 18,563 and the Toyota Yaris Cross was third with 17,320.
The JATO European data was published on the same day as SMMT figures showed UK registrations jumped by 14% in February.
