European new car registrations fell by 3% in September 2024, primarily driven by a steep 25% decline in Stellantis volumes, according to data from JATO Dynamics covering 28 European markets. While demand for battery electric vehicles (BEVs) showed a positive rebound, the overall market suffered from the significant drop in Stellantis’ performance.
Stellantis’ Struggles Impact Market Performance
JATO’s data revealed a total of 1,119,320 new car registrations in Europe for September 2024, about 40,000 fewer than in the same month last year. Stellantis, one of the continent’s major automakers, was responsible for the majority of the decline, with a drop of nearly 50,000 units. The company faced notable challenges in key markets like Italy, where sales fell by 34%, and France, where they dropped by 17%. Stellantis brands such as Fiat (-43%), Citroen (-41%), and Opel/Vauxhall (-24%) saw the steepest declines.
Felipe Munoz, Global Analyst at JATO Dynamics, commented, “Stellantis may see these results as an indicator that the time has come to refresh its offering and reposition its BEV lineup to ensure the downward trend doesn’t continue.”
BEV Segment Sees Positive Growth, Led by Volkswagen and Tesla
Despite the overall market downturn, the BEV segment provided a silver lining. A total of 212,197 new BEVs were registered in Europe last month, representing a 14% increase compared to September 2023. This growth is attributed to favorable incentives for electric vehicles, even amid concerns about the future of EV adoption on the continent. However, year-to-date BEV volumes remain down by 3%, with 1.43 million units registered so far in 2024.
Volkswagen Group and Tesla led the BEV market last month, with the former capturing a 22.8% market share (up from 19.8% in September 2023) and Tesla securing 20.9% (up from 18.2%). Registrations of Tesla models rose by 31%, driven by strong demand for the updated Model 3, the second best-selling BEV of the month. Despite a slight dip in registrations for the Tesla Model Y, it remained the top-selling BEV overall.
Skoda Emerges as a Strong Performer for Volkswagen Group
Volkswagen Group’s overall volumes rose by 2% in September, bolstered by the strong performance of Skoda, which became the third best-selling car brand in Europe. Other automakers that recorded positive growth included Toyota (+4%), BMW Group (+6%), and Geely Group (+25%). Key models that contributed to the monthly growth include the Volkswagen ID.7, Citroen e-C3, and Volvo EX30.
Market Leaders and Top Models in September 2024
The Dacia Sandero, Europe’s best-selling vehicle to date in 2024, ranked third in the overall monthly sales behind the Tesla Model Y and Renault Clio. The Volkswagen Tiguan also saw strong demand, driven by the success of its latest generation. Other popular models in September included the Toyota C-HR, BMW X1, and Skoda Enyaq.
Will BEV Demand Continue to Grow?
Felipe Munoz noted that the rise in BEV registrations is a positive sign but expressed caution regarding the future trajectory of the segment. “It’s hard to say for certain whether BEVs will continue along this positive path, but the monthly increase in registrations is welcome news – especially considering that consumers still have reservations about the adoption of electric cars,” Munoz remarked.
As the European automotive market navigates these shifts, the focus will remain on how automakers like Stellantis adjust their strategies to compete in an evolving landscape, where demand for electric vehicles and technological advancements shape the future of mobility.
