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Auto Finance Sponsored by Auto Finance News Volkswagen Group hits highest European market share in 3 years Published: 22nd November 2024 Share The European new car market remained stable in October. According to JATO Dynamics’ data for 28 European markets, the number of new car registrations decreased by just 0.1% to 1,040,390 units compared to figures from October 2023. Year-to-date new passenger car registrations rose by 1.1% to a total of 10,796,414. Felipe Munoz, Global Analyst at JATO Dynamics, said: “As we head towards the end of the year, carmakers are increasingly rolling out discounts and deals to sell off any unsold stock. This is helping registration figures stabilise and shouldn’t be mistaken as an indication of market recovery.” Registrations of electric vehicles increased by 6.7% compared to October 2023, driving overall sales figures last month. Gasoline car registrations rose by 0.7%, while figures for diesel vehicles and plug-in hybrids fell by 8.1% and 7.2%, respectively. In October, gasoline cars were the most popular among European consumers, followed by pure electric vehicles. Munoz added: “The strong performance of electric vehicles in Europe is welcome news, in particular for those manufacturers that already have a large electric offering.” Volkswagen Group experienced record market share The Volkswagen Group took poll position in October, landing more than 287,000 new car registrations – an increase of 11%. As a result, its market share rose to a record of 27.6% – the highest in three years. Munoz continued: “Despite the challenges that Volkswagen Group is currently facing, it’s performing well and continues to set the standard across many segments.” Pure electric cars were largely responsible for the manufacturer’s success last month, with the Skoda Enyaq securing the top spot as Europe’s best-selling EV – outperforming the Tesla Model Y. Registrations of the Volkswagen ID.4 increased by 24%, and the ID.7 registered more than 5,000 units. Despite the strong performance of electric vehicles for Volkswagen Group, gasoline and diesel cars accounted for over three quarters of its registrations in October. Stellantis registrations continued to drop Despite being the second best-seller last month, Stellantis experienced a 17% decrease in registrations. While registrations of its electric vehicles increased by 5%, figures for its gasoline, diesel, and plug-in hybrid cars dropped by 13%, 25%, and 63%, respectively. Stellantis’ market share is continuing to fall considerably – with Munoz previously attributing this to many of its brands “needing to refresh their offering.” Toyota and Geely Group showed strong performance Alongside the Volkswagen Group, Toyota and Geely Group performed well in October. Toyota recorded an increase in registrations of 13% due to the continued popularity of its Yaris, as well as its second-generation C-HR. Hybrid vehicles from the manufacturer registered almost 63,000 units last month – this amounted to almost 75% of its volume, while only recording 2,800 pure electric cars. In the case of Geely Group, both electric vehicles and plug-in hybrids performed well, responsible for 39% and 31% of its registrations last month, respectively. Both Volvo and Polestar also experienced sizable increases in registrations last month. Chinese manufacturers recorded mixed results. SAIC, the owner of MG and Maxus, registered 18,300 new cars in October – a drop of 8%. In contrast, BYD had a strong month due to the performance of its electric cars as well as the introduction of its plug-in hybrid models, registering 4,600 pure electric vehicles and 1,000 plug-in hybrid vehicles. Chery’s brands, Jaecoo and Omoda, also recorded good results last month. As it stands, these brands are mostly present in Italy, Poland, Spain, and the UK. Lisa Laverick Editor - Asset Finance Connect Sign up to our newsletter Featured Stories NewsCar finance redress bill could hit £25 billion NewsZenith reports growth in underlying earnings NewsDiscounts drive EV growth amid wider market contraction Auto Finance