Europe EV sales rose in August as petrol, diesel demand fades; Stellantis falls

European vehicle sales surged in August as sales of gasoline and diesel cars declined, according to figures released by the European Automobile Manufacturers' Association on Thursday. Stellantis, a company heavily reliant on combustion-engine models, saw its shares drop by 1.4% following the report.

Year-to-date, new car registrations across the EU increased by 5.3% up to August, despite rising energy costs and geopolitical uncertainties affecting the economy. Battery-electric cars made up 21.7% of the EU market, up from 15.8% a year ago. A total of 1,641,333 battery-electric vehicles were registered during the first eight months of the year.

France, Germany, and Denmark led the growth in battery-electric sales, with increases of 74.2%, 53.1%, and 40.9% respectively. Together, these three countries accounted for 64% of all battery-electric registrations. Hybrid-electric vehicles continued to dominate the market with a 36.6% share and 2,759,718 units registered, boosted by gains in Spain, up 21%, and Italy, up 20.5%.

Plug-in hybrids also experienced growth, increasing their market share to 10% from 8.8% a year earlier, with 758,082 units registered. This growth was primarily driven by strong performance in Italy, Spain, and Germany. Sales of gasoline and diesel cars continued to decline, with sales falling by 18.6% in both categories. The market share of these vehicles dropped to 29% from 37.5% a year earlier.

Chinese automakers continued to expand their presence across the EU, United Kingdom, and European Free Trade Association markets.