Home » SUVs, there will be a boom in registrations in January 2024 in Europe. Electric and hybrid cars are doing well in the EU

SUVs, there will be a boom in registrations in January 2024 in Europe. Electric and hybrid cars are doing well in the EU

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SUVs, there will be a boom in registrations in January 2024 in Europe.  Electric and hybrid cars are doing well in the EU

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SUVs, but also electric, plug-in and hybrid vehicles monopolized new car sales in January according to the British statistics institute Jato Dynamics. SUVs, in particular, totaled 543,000 registrations, equal to over half, 52.8% of total European sales, up 1.2 points compared to the same period last year. It is clear that SUVs are not losing their appeal for European consumers, despite these vehicles often being subject to new smear campaigns and regulations in some countries. For example, 97% of Jaguar Land Rover’s volumes in January came from SUVs. At the same time, these vehicles accounted for 92% of Nissan’s volumes and again 86% of Geely’s including the Volvo and Polestar brands and 79% of the Chinese brands excluding only the Geely and Saic groups.

Of the 19 car groups, SUVs were the best-selling models in 14

However, it should be considered that SUVs were less popular for example for Mitsubishi and the Renault group, which respectively represented only 31% and 34% of the volume registered in January. According to Jato Dynamics’ findings of the 19 automotive groups that were analyzed by the British Institute, SUVs were the best-selling vehicles among 14 of them, a truly significant result for the reference sector.

The Volkswagen group is in first place, followed by Stellantis in second

In contrast, however, the Volkswagen Group, which also led the sales of SUVs with 23% of the overall registered share, recorded an overall volume in the first month of the year which decreased by 4% compared to the same reference period of Last year. A decline that can also be explained by the rotation of some models being relaunched with new formats.
On the contrary, in the same period, the Stellantis group recorded an increase in SUV sales volumes of 25%, being the second largest seller of SUVs in January. This important performance is the result of the excellent registrations recorded by models such as the Peugeot 2008, the Opel/Vauxhall Mokka and above all the Jeep Avenger. The top 10 most registered SUVs in the month were respectively the Toyota Yaris Cross, the Peugeot 2008, the Volkswagen T-Roc, the Kia Sportage, the Ford Puma, the Dacia Duster, the Hyundai Tucson, the Nissan Qashqai, the Tesla Model Y and the Volkswagen Tiguan. Worth noting, in addition to the boom of Peugeot 2008, is the escalation of the Toyota Yaris Cross. SUV sales have favored above all compact models and in some cases the more accessible ones.

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Martin Meiners

Electric sales bucked the trend at the start of the year

Interestingly, although the volume of new electric vehicles increased 29% compared to January 2023 figures, these vehicles represented only 12% of the total January 2024 market share, with 120,536 registrations. This represents the lowest recorded level of new registrations of 10% in January 2023. While interest in electric vehicles remains strong among consumers and additionally also among fleets, these vehicles no longer enjoy the same growth rate recorded in the last year and a half of surveys. It is clear that the lack of models that are in some ways accessible, to which must be added the regulatory uncertainty regarding incentives, has led to a negative impact on the entire sector at European level which has ended up slowing down the demand that was more sustained in the past throughout Europe.

Tesla tops the list of best-selling electric models

The American brand represented 15% of the share, compared to 10% in January 2023. This is due to the success of the Model Y which is the most registered electric vehicle in January 2024 and the best-selling electric vehicle in the world and in Europe in 2023 The Model Y outperformed the combined registrations of all battery-powered BMW models as the second-ranked brand. Furthermore, the Model 3 has also seen a significant increase in market share, with a meteoric growth of 344% since January 2023 with the introduction of the model restyling. Volvo ranked third in the ranking thanks to the excellent performance of the latest arrival, the EX30, which in just a few months represented over a quarter, 28%, of the total EV registrations. Followed by Audi and Mercedes who overtake Vw which fell by 28%.

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