EU car market sees electric vehicle sales rise

The European Union's automotive market showed signs of growth in July and August, with new passenger car registrations rising by 3 percent and 4.5 percent respectively compared to the same months last year, according to the European Automobile Manufacturers' Association (Acea). Over the first eight months, growth reached 5.3 percent, with a total of 7.55 million new registrations.

Battery electric vehicles (BEVs) accounted for 21.7 percent of the market, an increase of nearly six percentage points from the previous year. Plug-in hybrids represented 10 percent of the market. The growth is attributed to a broader range of available models, sales promotion measures, and potentially rising fuel prices.

Chinese manufacturers have significantly increased their market share. For instance, BYD's share rose from 0.9 percent to 2.4 percent, and SAIC Motor (MG Motor) from 1.9 percent to 2.2 percent. Chery Automobile and Leapmotor also saw their shares increase. The combined market share of Chinese manufacturers grew from 6.2 percent to 9.6 percent.

Volkswagen Group's sales saw a slight decrease in July and August, as did Porsche AG's. BMW's sales remained largely unchanged, while Mercedes-Benz experienced sales growth of over 7 percent in August. The growth in electric vehicles was particularly strong in France, Germany, and Denmark. Overall, the share of electric and gasoline cars among new registrations in the EU stood at 21.7 percent, and electric vehicles are expected to surpass gasoline cars by the end of the year.