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

Germany's battery-electric car registrations fell sharply by 26.6%, significantly impacting the overall decline in this segment.

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%.

In contrast, Tesla faced challenges, with sales plummeting by 21% in October, resulting in a reduced market share of 1.3%, while Ford experienced a 7.9% decline.

The latest report from the ACEA reveals a mixed performance in the European car market, with varying trends across different countries and vehicle segments.

Between January and October 2024, the EU car market saw a modest growth of 0.7% year-on-year, totaling nearly 8.9 million vehicles, driven by increases in Spain and Italy, while France and Germany experienced declines.

In October, plug-in hybrid registrations decreased by 7.2%, with their market share dropping to 7.7%, a decline of 0.7 percentage points from the previous year.

Volkswagen Group emerged as a strong player, with a significant sales increase of 16.7%, raising its market share to 28.7%, while BMW also reported a 4.7% rise in sales.

As the year draws to a close, manufacturers are offering discounts to clear unsold stock, which may stabilize registration figures but does not necessarily indicate a market recovery, according to industry analysts.

Additionally, the European Union's recent approval of increased tariffs of up to 45.3% on Chinese-built electric vehicles is expected to further impact the automotive landscape.

This decline in electric vehicle sales is largely attributed to reduced purchase incentives in some countries and the anticipation of stricter CO2 emission regulations, which may lead to the introduction of more affordable models.

Conversely, hybrid-electric cars saw a notable increase of 17.5% in registrations during October, surpassing petrol car registrations for the second consecutive month, with their market share rising to 33.3%.