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European car sales flat in October, EVs pick up speed, ACEA states

New automobile sales in Europe were flat in October, after succumbing to 2 consecutive months, market data revealed on Thursday, while the shift to totally electric or hybrid models picked up speed in the month.

An uptick in overall sales in Spain and Germany, of 7.2% and 6% respectively, balance out a contraction in France, Italy and Britain, the European Car Manufacturers Association ( ACEA) stated.

WHY IT'S IMPORTANT

European automakers are battling with weak demand, high production expenses, and managing the shift to EVs, while attempting to fend off competition from China.

BY THE NUMBERS

The variety of new vehicles signed up in October in the EU, Britain and the European Open Market Association (EFTA) increased 0.1%. year-on-year to 1.04 million.

Sales of totally electric vehicles (BEVs) increased for the 2nd. successive month, up 6.9% in October, while those of hybrid. automobiles (HEVs) increased by 15.8%.

Registrations in the EU, Britain and EFTA at Volkswagen. rose 12.6%, while they fell by 16.7% at Stellantis. and by 0.4% at Renault.

Sales were down 23.1% at EV maker Tesla and down. 10% at China's SAIC Motor.

In the EU, total brand-new car registrations rose 1.1%. year-on-year. Germany saw sales increase with 6%, after 3. months of losses.

Energized vehicles - either BEV, HEV or plug-in hybrids. ( PHEV) - sold in the bloc represented 55.4% of passenger car. registrations in October, up from 51.3% in the previous year.

QUOTES

As we head towards the end of the year, carmakers are. progressively presenting discount rates and offers to sell any. unsold stock, said Felipe Munoz, Global Analyst at market. research firm JATO Dynamics in a different declaration on. Wednesday.

This is assisting registration figures stabilise and. should not be mistaken as an indicator of market healing, he. added.

CONTEXT

The European Union authorized at the end of October increased. tariffs on Chinese-built electric lorries of up to as much as. 45.3%.

(source: Reuters)