This story is from November 30, 2023
European Union new car sales are projected to experience a modest 2.5% increase in 2024, reflecting a slowdown compared to the 12% surge anticipated in 2023, according to forecasts from the European automobile manufacturers association ACEA. Despite being an upgrade from the initial 5% growth forecasted in January, the expected 10.4 million new car registrations in 2024 will remain nearly 20% below the peak levels recorded in 2019.
ACEA highlighted a notable shift toward electric vehicles, with the share of battery electric vehicles set to rise from 14-14.5% in the current year to approximately 20% in 2024. These insights were shared during ACEA’s presentation of policy recommendations to EU institutions for the 2024-2029 period, following the European Parliament election.
The recommendations put forth by ACEA include advocating for a comprehensive industrial strategy spanning green and digital supply chains and a more measured pace for introducing new regulations. ACEA President Luca de Meo, also the CEO of Renault, expressed concerns about the automotive sector facing a barrage of eight to nine EU regulations annually until 2030, some of which may conflict with each other.
De Meo emphasized the urgent need to accelerate the installation of charging stations, proposing a seven to tenfold increase in the current speed. He anticipates a growing trend in the launch of smaller electric vehicles, comparable to models like the Volkswagen Polo or Renault Clio, offering a range of 400-500 kilometers at a considerably reduced price, thereby stimulating demand.
ACEA highlighted a notable shift toward electric vehicles, with the share of battery electric vehicles set to rise from 14-14.5% in the current year to approximately 20% in 2024. These insights were shared during ACEA’s presentation of policy recommendations to EU institutions for the 2024-2029 period, following the European Parliament election.
The recommendations put forth by ACEA include advocating for a comprehensive industrial strategy spanning green and digital supply chains and a more measured pace for introducing new regulations. ACEA President Luca de Meo, also the CEO of Renault, expressed concerns about the automotive sector facing a barrage of eight to nine EU regulations annually until 2030, some of which may conflict with each other.
De Meo emphasized the urgent need to accelerate the installation of charging stations, proposing a seven to tenfold increase in the current speed. He anticipates a growing trend in the launch of smaller electric vehicles, comparable to models like the Volkswagen Polo or Renault Clio, offering a range of 400-500 kilometers at a considerably reduced price, thereby stimulating demand.
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