EV giant Tesla Inc TSLA witnessed the biggest jump in new vehicle registrations in October as compared to any other automaker, including major German players in the European Union (EU).
What Happened: According to data published by the European Automobile Manufacturers’ Association (ACEA), 14,183 Tesla vehicles were registered last month as compared to merely 5,716 vehicles in October last year. This marks a jump of 148% in new registrations for the American car marker in the geography.
Interestingly, no other automaker has managed to double registrations.
However, October was a good month for many automakers in the union, with most reporting a 2 digit year-on-year increase in new registrations. Ford Motor Co F and Mitsubishi Motors Corp MMTOF, however, saw their registration numbers fall.
Volkswagen continues to be the most preferred car brand in the geography, with 210,251 new vehicles of the German automaker registered last month. Volkswagen AG VWAGY is followed at a distance by Chrysler parent Stellantis NV STLA.
Why It Matters: The car market in the EU is expanding rapidly, with 855,484 vehicles registered last month in what is its fifteenth consecutive month of growth
Battery electric vehicles also saw their popularity rise, with 121,808 new EVs registered as compared to the 89,383 vehicles registered in Oct. 2022. Gas, however, continues to be the most popular fuel choice amongst new car buyers.
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