European car sales drop in January as petrol demand plunges across major markets
New car registrations in Europe fell by 3.5 percent in January as petrol sales plummeted across the continent. Meanwhile, Chinese rival BYD saw a massive surge.
Insights:
European new car registrations fell 3.5% year-on-year in January, marking the first such decline for the regional market since June. According to data released by the European Automobile Manufacturers Association (ACEA), the downturn was primarily driven by a sharp contraction in petrol car registrations, which fell by roughly 26% across the continent. This shift has significantly altered the competitive landscape for the European car industry, as electrified vehicles surged to account for 69% of all new registrations during the month.
The decline in sales was observed across the European Union and included major non-EU markets such as Britain 
GB, Switzerland 
CH, Norway 
NO, and Iceland 
IS. While the overall market contraction was measurable at 3.5%, the drop in petrol registrations was notably more severe in specific major markets. In Germany 
DE and France 
FR, the decline in petrol-powered vehicle registrations was much larger than the regional average, underscoring a rapid transition in consumer preferences.
GB, Switzerland CH, Norway NO, and Iceland IS. While the overall market contraction was measurable at 3.5%, the drop in petrol registrations was notably more severe in specific major markets. In Germany DE and France FR, the decline in petrol-powered vehicle registrations was much larger than the regional average, underscoring a rapid transition in consumer preferences.
