2023-11-29 15:29:17
Sales of new cars in the European Union will increase by only 2.5% in 2024, a slowdown from the 12% increase recorded in 2023, the Association of European Automobile Manufacturers forecast on Wednesday ( ACEA), even if the share of electric vehicles will increase significantly.
The forecast for 2023 represents an improvement on ACEA’s January forecast, which called for growth of 5%. However, new car registrations, which amount to €10.4 million, will be almost 20% below 2019’s record levels.
ACEA said the share of battery electric vehicles would increase from 14-14.5% this year to around 20% in 2024.
The automotive body released its forecasts as it presented its policy recommendations to EU institutions for the next five-year period (2024-2029), following the European Parliament elections.
These recommendations include a comprehensive industrial strategy across all stages of green and digital supply chains, as well as a reduction in the pace of new regulations.
ACEA president Luca de Meo, who is chief executive of Renault, complained that the sector was facing eight or nine EU regulations coming into force every year until 2030, some of which are contradictory.
Mr de Meo also said the speed of installing charging stations needs to be increased by a factor of 7 to 10.
He added that there would be more and more launches of small electric vehicles, equivalent to the Volkswagen Polo or the Renault Clio, still having a range of 400 to 500 kilometers, but at a significantly lower price, which would stimulate Requirement. (Reporting by Philip Blenkinsop; Editing by Alexandra Hudson and Alexander Smith)
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