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EU Car Registrations Increase by 4.3% in June 2024

EU Car Registrations increase. In June 2024, car registrations in the European Union increased by 4.3%. The data from European Automobile Manufacturers’ Association (ACEA) show this growth was driven by significant gains in Italy, Germany, and Spain, while France experienced a decline.

In the first half of 2024, car registrations rose by 4.5%, reaching nearly 5.7 million units. Despite this increase, registration volumes remain 18% lower than pre-pandemic levels.

Battery-electric vehicles accounted for 14.4% of the market in June 2024, a slight decrease from the previous year.

Hybrid-electric vehicles were the only category to post significant growth, with registrations increasing by 26.4%.

Petrol car sales remained relatively stable, with a minor decrease. Growth in Germany and Italy offset declines in France and Spain, resulting in petrol cars representing 34.4% of the market.

BYD to Invest $1bn in New Electric Vehicle Plant in Turkey

BYD to Invest $1bn in Turkey. According to Anadolu Agency, China’s BYD, the globe’s top electric vehicle maker, has declared plans to construct a plant in Turkey.

With an investment of $1 billion, BYD aims to set up a facility to produce 150,000 vehicles per year by 2026.

The agreement, formalized in Istanbul, saw the presence of President Recep Tayyip Erdogan.

President Erdogan also convened with the BYD team, emphasizing the critical role of this investment for Turkey.

To boost domestic production, Turkey introduced a 40% tariff on imported vehicles from China on the same day.

BYD’s commitment highlights Turkey’s potential as a center for cutting-edge and eco-friendly automotive technologies. This strengthens its industrial base, reports Anadolu Agency, Turkey’s state-run news outlet.

In related news, the European Commission has recently imposed provisional duties on Chinese battery electric vehicles (BEVs) to protect the EU market.

The investigation revealed that subsidies allowed Chinese BEVs to gain market share. This was deemed to disrupt the EU market and harming its industry. These duties are designed to ensure fair competition. The duties will remain in place while further data is collected.

EU Imposes Duties on Chinese Electric Vehicles

EU imposes duties on Chinese vehicles. The European Commission has imposed provisional duties on Chinese BEVs to protect the EU market.

The investigation revealed Chinese BEVs were subsidized, disrupting the EU market and causing industry injury.

Evidence confirmed subsidies led to market share gains for Chinese BEVs, threatening the EU’s BEV industry.

Several stakeholders requested anonymity to avoid retaliation, which the Commission granted after careful consideration.

Provisional duties will remain while the Commission continues its investigation and collects further data.

The duties aim to protect the EU’s electric vehicle industry and ensure fair competition in the market.

can manufacturing

GC Intelligence (LONDON) – July 2024 – German Manufacturing orders fall in May 2024. Orders decreased by 1.6% from the previous month, according to data from Destatis, the Federal Statistical Office of Germany.

Excluding large-scale orders, May 2024 saw a 2.2% decline compared to April 2024, indicating further contraction.

The “manufacture of other transport equipment” sector saw a 19.2% drop, mainly due to fewer large-scale aircraft construction orders.

In contrast, the “manufacture of computer, electronic and optical products” sector experienced an 11.2% increase.

The automotive industry also saw a decline, with new orders dropping by 2.9% in May 2024.

Foreign orders decreased by 2.8%, with non-euro area orders down 4.6% and euro area orders dropping 0.1%. Meanwhile, domestic orders increased by 0.5%.

car market

GC Intelligence (London) – July 2024 – German automotive industry sentiment declines. The business climate in Germany’s automotive industry slightly deteriorated in June, with the indicator dropping to -9.3 points from -9.1 in May, according to a press release from the ifo Institute.

Despite this decline, companies reported better satisfaction with their current business situation, with the indicator rising from 4.3 to 3.3 points in June. However, future expectations for manufacturers and suppliers have worsened.

The expectations indicator plunged to -21.0 points from -13.8 points in May. Anita Wölfl from the ifo Center for Industrial Organization and New Technologies highlights major industry challenges, including digitalization, autonomous driving, and electromobility.

New competitors, changing customer requirements, and uncertainties from EU-China tariff disputes further compound these issues. These factors heavily influence the latest ifo Business Survey data.

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