Bankinter | Car sales increased in July by 7.4% (year-on-year) compared to a drop of 7.3% in June. For the year as a whole, sales fell by 0.7%. Of particular note is the drop in sales of combustion vehicles (15.2% diesel and 12.0% petrol), while electric vehicles led the way (electric up by 39.1%, non-plug-in hybrids by 14.3% and plug-in hybrids by 56.9%).
Analysis team’s view: Slightly positive news reflecting a certain recovery after the sharp 7.3% drop in June. The good performance in Germany (up 11.1%) stands out, offsetting the worse performance in the United Kingdom (down 5%), France (7.7%) and Italy (5.1%). In terms of brands, Volkswagen (up 3.8% year-on-year), Renault (5.6%) and BMW (6.6%) stand out positively. On the negative side, Tesla once again stands out, with a drop of 40.2%, which means that its market share has fallen to 0.8% from 1.4% previously. In short, we believe that the monthly increase is only temporary. The reality is that the sector faces significant challenges in a context of low growth, such as tariff uncertainty, regulatory pressure and strong competition from Chinese manufacturers.
