EU New Car Sales Drop 1.9% in November, But Bulgaria Sees 14% Growth

Business | December 19, 2024, Thursday // 13:02
Bulgaria: EU New Car Sales Drop 1.9% in November, But Bulgaria Sees 14% Growth @Pixabay

New car sales across the European Union dropped by 1.9% in November, reflecting the ongoing challenges in the automotive sector, as weak demand continues to impact the region's largest car manufacturers. Despite this overall decline, Bulgaria experienced a notable uptick in new car registrations, with a 14% increase in November, reaching 3,956 units.

This downturn in EU sales followed a modest 1.1% rise in October. The largest declines were seen in France, where registrations fell by 12.7%, and in Italy, which saw a drop of 10.8%. Germany also reported a 0.5% decrease, while Spain posted a 6.4% increase. Over the first eleven months of the year, EU car sales grew marginally by 0.4%, reaching 9.726 million units, with Spain recording a notable 5.1% growth. In contrast, France, Germany, and Italy all saw reductions in car sales.

In Bulgaria, the car market has continued to thrive, with new registrations up by 16.2% year-on-year through November, totaling 40,211 units. In the same period, the market for electric and hybrid vehicles in Bulgaria bucked the EU trend, with electric vehicle (EV) registrations increasing by 11.2%, plug-in hybrid vehicles by 33.3%, and hybrid electric cars by an impressive 107.7%.

On the European level, the share of hybrid and electric vehicles has been steadily growing, outpacing gasoline-powered cars for the third consecutive month. Hybrid electric car sales surged by 18.5% in November, capturing 33.2% of the market, while gasoline-powered car sales fell by 7.8%. However, sales of fully electric cars (BEVs) decreased by 9.5%, with significant drops in key markets like Germany and France.

Diesel car sales in the EU also saw a steep decline of 15.3%, reducing their share to 10.6% of the total market. In Bulgaria, however, both gasoline and diesel car sales bucked the European trend, rising by 13.2% and 8.2%, respectively. The growth in hybrid and electric vehicle sales in Bulgaria comes despite a broader slowdown in the European EV market.

In terms of individual manufacturers, the performance of major European carmakers was mixed. Volkswagen and Renault saw increases in sales in November, with Volkswagen's sales rising by 4.1%, and Renault’s growing by 8.3%, thus increasing their respective market shares. Conversely, Stellantis, the automotive group formed from the merger of Fiat Chrysler and PSA Group, reported a third consecutive month of losses, with sales dropping by 10.1%. BMW and Mercedes-Benz also experienced declines, while Toyota managed a strong 17.3% growth.

Tesla, a key player in the electric car market, saw a dramatic fall in sales by 40.9% in November, reducing its market share to 2.2% from 3.6% in the same month last year. This decline has been part of a broader trend, with Tesla’s sales in Europe down 15.2% year-to-date, and its market share falling significantly.

The overall performance of the EU car market reflects both broader economic uncertainties and shifting preferences, with a clear trend toward hybrid vehicles and a slowdown in the adoption of fully electric models. However, Bulgaria’s strong performance in new car registrations highlights a more resilient market amid these challenges.

Source: European Automobile Manufacturers' Association (ACEA)

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Tags: car, sales, europe, Bulgaria

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