EU new car sales surge by 10.1% Y-on-Y in Feb.

New car sales in the European Union rose by 10.1 per cent year-on-year in February, with France, Italy, Spain, and Germany all posting robust growth, Reuters reported on Thursday, citing the European Automobile Manufacturers Association (ACEA).

France saw a 13 per cent rise, Italy 12.8 per cent, Spain 9.9 per cent, and Germany 5.4 per cent, according to the report.

Hybrid electric vehicle (HEV) sales in the EU surged by 24.7 per cent, with HEVs now accounting for 28.9 per cent of the market, up from 25.5 per cent last year.

Overall, registrations for electrified vehicles, including fully electric, plug-in hybrids, and full hybrids, increased by 18.4 per cent year-on-year, making up 48.2 per cent of all new passenger car registrations in February.

Volkswagen, Stellantis, and Renault all saw sales growth in February, with Tesla recording a 15.2 per cent increase in EU sales.

China’s SAIC Motor more than doubled its sales in the EU, Britain, and the European Free Trade Association (EFTA).

In February, the total number of new vehicles registered in the EU, Britain, and EFTA reached 995,059, a 10.2 per cent increase from the previous year.

Britain’s 14 per cent rise in registrations was driven by strong demand from fleets and businesses, according to the Society of Motor Manufacturers and Traders (SMMT).