Electric Vehicles

cross-posted from: https://mander.xyz/post/42819940

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• In October, the overall European market grew by the biggest margin in 2022
• Volkswagen Group, Toyota, and Ford drive growth
• BEV registrations exceeded 1 million units since January

In October, the European new car market grew by 14% registering 903,533 new vehicles. This marks the third consecutive month of growth in 2022 when compared with last year. Felipe Munoz, Global Analyst at JATO Dynamics, commented: “In October 2021, the market was facing the worst of the semiconductor crisis, but one year on, it has understood the challenge and is learning to deal with it”.

October’s growth is partly explained by the strong performance from Volkswagen Group. The German manufacturer registered 230,115 units – a 40% volume increase driven mainly by Audi, Skoda, and Cupra.

This is, however, considerably lower than the 281,700 units registered in October 2020, and the 302,000 (approximate) units registered in October 2019.

Toyota also performed well with sales up by 47%, outpacing results from 2019 and 2020 thanks to the success of its latest launches. Lexus saw its volume decline by 14%. Ford increased registrations by 35% thanks to the Puma and Fiesta but was unable to match volumes from 2019 and 2020, at 77,600 and 60,600 units respectively.

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Meanwhile, Chinese carmakers lost ground in Europe in October, slipping back from the record market share they captured a month earlier across the region.

In the hybrid categories, where manufacturers like BYD Co. and SAIC Motor Corp.’s MG have been on a tear, their share as a group fell around 3 percentage points to 12.6% from September’s peak, according to researcher Dataforce. New EV registrations, a core category for Chinese brands, declined to 11.8% from 12.6% across the European Union, EFTA countries and the UK.

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