The European Union’s automotive sector faced a challenging November as new car sales dropped by 1.9%, underscoring ongoing difficulties in the market.
However, Bulgaria emerged as a bright spot, reporting a 14% increase in new car registrations, a stark contrast to the broader EU trend.
Data released by the European Automobile Manufacturers Association revealed that the EU’s total new car registrations reached 9.726 million units in the first eleven months of the year, reflecting a marginal growth of 0.4%.
November’s decline came on the heels of a modest 1.1% increase in October, with major markets such as France and Italy reporting double-digit losses.
Registrations fell by 12.7% in France and 10.8% in Italy, while Germany experienced a slight dip of 0.5%. Spain, however, bucked the trend with a 6.4% increase.
Bulgaria’s Resilient Automotive Market
Bulgaria’s automotive market defied the regional slowdown, showcasing robust growth. In November, the country registered 3,956 new vehicles, marking a 14% increase compared to the same period last year.
Year-to-date, Bulgaria recorded a 16.2% rise in registrations, totaling 40,211 units by the end of November.
The surge in Bulgaria’s car sales extended to hybrid and electric vehicles, which significantly outpaced the EU trend.
Registrations of electric vehicles (EVs) in Bulgaria rose by 11.2%, plug-in hybrid vehicles by 33.3%, and hybrid electric cars by a remarkable 107.7%.
In contrast, fully electric vehicle sales across the EU dropped by 9.5%, with key markets like Germany and France experiencing steep declines.
Shifting Market Preferences in the EU
On a European level, hybrid and electric vehicles continued to gain traction, accounting for a growing share of the market. Hybrid electric car sales increased by 18.5% in November, capturing 33.2% of the total market.
Gasoline-powered car sales, however, fell by 7.8%, and diesel vehicle registrations declined sharply by 15.3%, reducing their market share to just 10.6%.
Despite this shift, the EU’s fully electric vehicle market struggled, with declining sales reflecting consumer hesitancy and broader economic uncertainties.
Tesla, a leader in the electric vehicle sector, saw a significant 40.9% drop in sales in November, reducing its market share to 2.2%, down from 3.6% a year earlier.
Performance of Major Automakers
The performance of major European car manufacturers varied. Volkswagen and Renault posted gains in November, with sales increasing by 4.1% and 8.3%, respectively.
In contrast, Stellantis continued its losing streak, with a 10.1% drop in sales, marking its third consecutive month of declines. BMW and Mercedes-Benz also reported losses, while Toyota stood out with robust growth of 17.3%.
Bulgaria’s Unique Growth
Unlike much of the EU, Bulgaria’s market also saw gains in traditional gasoline and diesel car sales, which rose by 13.2% and 8.2%, respectively.
This resilience in conventional vehicle sales, coupled with surging hybrid and electric vehicle adoption, underscores Bulgaria’s unique position within the EU automotive landscape.
While the broader EU market grapples with weak demand and economic uncertainties, Bulgaria’s strong performance highlights its potential to become a key player in the region’s evolving automotive sector.