The Association of Manufacturers (ACEA) has released a remarkable set of data showing a significant increase in electric vehicle sales in the EU in August, reaching a 21% market share. This figure is milestone in the automotive industry, especially in a month where sales are generally thought to be relatively low.

Growth in the overall automotive market

According to ACEA data, the number of new car registrations in the EU reached 787,626 in August 2023, up 21% compared to the first eight months of the year, and the total number of new car registrations reached 7.1 million in the first eight months of the year, up 17.9%. These figures are evident in Germany, France and Italy, the most important European automobile markets, with increases of 37.3%, 24.3% and 11.9% respectively.

However, it is worth noting that despite the positive growth trend, there is still a large gap compared to the market level before the new coronavirus outbreak. For example, in the same period of 2019, up to 9 million new cars were registered.

Power of Electric Vehicles

The electric car is undoubtedly the star of this sales growth. In August, the number of registered electric vehicles reached 165,165 units, up an astonishing 118.1%, accounting for a 21% market share. In all EU countries, except for Malta, the pure electric car industry achieved a two- or three-digit growth. Among them, the highest increase was in Belgium, reaching 224.5%

In addition, the number of hybrid and plug-in hybrid vehicles registered increased by 29% and 5.5% respectively.

Reduction of traditional motor vehicles

Compared to electric vehicles and hybrid vehicles, the performance of conventional power vehicles was relatively flat. In August, the sales of gasoline vehicles grew by only 2.1%, the market share dropped from 38.7% to 32.7%. The market performance of diesel vehicles was worse, with sales dropping by 6%, and the market share dropped from 16.1% in August 2022 to 12.5%.