This decline in electric vehicle sales is largely attributed to reduced purchase incentives in several countries and the looming anticipation of stricter CO2 emission regulations.

Electrified vehicles, which encompass fully electric, hybrid, and plug-in hybrids, accounted for 55.4% of passenger car registrations in the EU, up from 51.3% the previous year.

After a brief recovery earlier in the year, the market faced significant declines in August and September, largely due to the expiration of electric vehicle subsidies in Germany.

Overall, the market for electric and hybrid vehicles continued to expand, with fully electric car sales rising by 6.9% and hybrid cars increasing by 15.8% in October.

The European Union car market experienced a modest growth of 0.7% year-on-year between January and October 2024, totaling nearly 8.9 million vehicles, with notable increases in Spain and Italy, while France and Germany faced declines.

Tesla saw a significant drop in sales, plummeting by 23.1%, while China's SAIC Motor reported a decline of 10%, reflecting broader challenges in the electric vehicle market.

In contrast, Toyota's sales in the EU rose by 17.4%, while Ford experienced a 7.9% decline, highlighting the mixed performance among manufacturers.

Volkswagen Group enjoyed a significant sales increase of 16.7%, boosting its market share to 28.7%, while BMW also saw a rise of 4.7%.

Volkswagen maintained its position as the leading car manufacturer in the EU, with a slight market share increase to 26.7% in October, followed by Stellantis at 17% and Renault at nearly 11%.

Hybrid-electric cars were the only segment to experience growth in October, with registrations increasing by 17.5%, allowing hybrids to surpass petrol cars for the second consecutive month.

Amidst these trends, several manufacturers, including Renault and Volkswagen, are pushing for a delay in the tightening of CO2 emission regulations set for 2025, while Stellantis opposes such delays.

Additionally, the EU approved increased tariffs of up to 45.3% on Chinese-built electric vehicles, further complicating the automotive landscape.