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New Car Registrations Surge in October, with Battery Electric Vehicles capturing 14.2% Market Share

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The surge in new car registrations in October, with a significant 14.6% increase, reflects a growing shift towards sustainable transportation, as battery electric vehicles capture a 14.2% market share according to the ACEA.

The latest data on new car registrations in the European Union shows an overall positive trend in the market. With growth in the market for fifteen consecutive months, there have been significant increases in key markets such as France, Italy, and Spain. However, the German car market reported a more modest year-on-year increase.

Looking at the first ten months of 2023, new car registrations were up by 16.7%, with all markets except for Hungary showing growth. The largest markets of Italy, Spain, France, and Germany contributed to this positive trend.

In terms of power sources, battery-electric cars saw a rise in market share to 14.2% in October, surpassing diesel for the first time. Hybrid-electric cars and petrol cars also maintained their market shares, with hybrid-electric cars securing nearly 29% market share.

In October 2023, EU registrations of battery-electric cars saw a significant increase, particularly in markets such as Belgium and Denmark. Germany, the largest market for battery-electric cars, also saw modest growth. The year-to-date volume of battery-electric cars reached 1.2 million units, capturing a 14% share of the EU car market over the ten-month period.

The EU’s diesel car market continued its decline in October, decreasing by 13.2%, with a market share of 12%, down from 15.9% in October last year.

Overall, the data reflects a shifting landscape in the European car market, with a growing preference for electric and hybrid cars over traditional petrol and diesel options.

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