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The car market is also growing in October based on data from the British Jato Dynamics Institute. Registrations amounted to 1,040,278 units, 14% more than the 909,724 in October 2022. This is the fifteenth consecutive month of growth. Year-to-date sales were 10,677,402 units for an increase of 17%. The growth in October is due to the increase in sales of electric vehicles supported by incentives from manufacturers and beyond.
From January to October 1.6 million electric cars sold
In fact, registrations of electric models in Europe increased by 30% in October to 157,957, with BEVs representing 15% of the total new registrations in the month. From January to October, over 1.6 million electric vehicles were registered across Europe. The increase in electric vehicle registrations in October was largely guaranteed by three large manufacturers: Tesla, BMW Group and the Chinese SAIC Motor group.
Tesla sales tripled compared to October 2022
Tesla’s registrations have tripled since October 2022 thanks to strong sales of both the Model Y, but now also the recently restyled Model 3. However, due to a still limited range, the US manufacturer has not kept pace with European groups such as Volkswagen, BMW and Stellantis. In fact, in the month of October, VW was the best-selling group in the BEV sector, followed by BMW with growth of 53% with 18,297 units, thanks to its two models i4 and iX1. The MG4 battery-powered sedan is the fourth best-selling EV. The Chinese SAIC Motor, owner of the British MG brand, recorded a 66% increase in sales in October for a total registration of 8,841 units. The constantly growing MG 4 sedan is now firmly the fourth best-selling electric model in Europe with sales 1.6 times higher than its rival, the Vw ID.3.
Finland surpasses Norway for electric sales
While Norway continues to be the largest market for electrics in Europe, the most significant growth among European countries is now occurring in Finland which has almost doubled its sales from 20% in October 2022 to 36% in October 2022. 2023. Then followed by Luxembourg with a share of electric vehicle registrations that rose to 30% and by Denmark which went from 22% to 36% share of EVs. Germany, however, loses ground.
The Tesla Model Y is set to close the year at the top in Europe
Despite not being recorded at the top of the monthly registration charts in Europe in October, the Tesla Model Y continues to remain the most popular vehicle in 2023. With 209,503 overall sales from January to October, up from 85,823 units registered by January to October 2022, the Model Y is on track to become the best-selling car in Europe at the end of the year. It would be the first time a non-European model was at the top.